Crude Oil Movement
Crude Oil prices advanced 1.18% against the USD for the 24 hour period ending 23:00GMT, closing at 87.65, as some optimism over a potential resolution to the US fiscal cliff and overall upbeat US economic data improved investors’ appetite for risk, despite John Boehner, the House of Representatives Speaker, yesterday indicated that the “fiscal cliff” negotiations with the White House have made “no substantive progress”.
In the Asian session, at GMT0400, Crude Oil is trading at 87.72, marginally higher from yesterday’s close.
Crude Oil is expected to find support at 86.69, and a fall through could take it to the next support level of 85.66. Crude oil is expected to find its first resistance at 88.72, and a rise through could take it to the next resistance level of 89.72.
Crude Oil is trading between its 20 Hr and 50 Hr moving averages.
