Crude Oil Movement
Crude Oil prices advanced 1.54% against the USD for the 24 hour period ending 23:00GMT, closing at 88.93, after conflict between Israel and Palestinian militants intensified, raising the threat of a broader conflict in the Middle East.
Prices were further buoyed amid hopes that US lawmakers would reach a compromise to avert the looming fiscal crisis.
Investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 89.06, 0.15% higher from yesterday’s close.
Crude Oil is expected to find support at 87.79, and a fall through could take it to the next support level of 86.51. Crude Oil is expected to find its first resistance at 90.07, and a rise through could take it to the next resistance level of 91.07.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
