Crude Oil Movement
Crude Oil prices advanced 3.46% against the USD for the 24 hour period ending 23:00GMT, closing at 91.40, after the European Central Bank (ECB) President, Mario Draghi stated that the central bank was ready to start purchasing the debt of troubled Euro-zone states. Growing concerns over escalating tensions between Syria and Turkey further supported oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 91.49, 0.1% higher from yesterday’s close.
Crude oil is expected to find support at 89.06, and a fall through could take it to the next support level of 86.63. Crude oil is expected to find its first resistance at 92.88, and a rise through could take it to the next resistance level of 94.27.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
