Crude Oil Movement
Crude Oil prices advanced 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 90.05, as investor sentiment improved following upbeat US economic data and amid demand from bottom fishers, wiping out earlier losses sustained on fears that the US budgetary impasse may cool growth next year and crimp demand for energy and fuels in the process.
In the Asian session, at GMT0400, Crude Oil is trading at 89.15, 1.00% lower from yesterday’s close.
Crude Oil is expected to find support at 88.54, and a fall through could take it to the next support level of 87.93. Crude oil is expected to find its first resistance at 90.15, and a rise through could take it to the next resistance level of 91.15.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
