Crude Oil Movement
On Friday, Crude Oil prices advanced marginally against the USD for the 24 hour period ending 24:00GMT, closing at 86.24, after stronger-than-expected US third quarter growth data raised demand prospects.
In the Asian session, at GMT0400, Crude Oil is trading at 85.91, 0.38% lower from Friday’s close, as US refineries lowered crude production ahead of the Hurricane Sandy megastorm nearing the US.
Crude oil is expected to find support at 85.13, and a fall through could take it to the next support level of 84.35. Crude oil is expected to find its first resistance at 86.56, and a rise through could take it to the next resistance level of 87.21.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
