Crude Oil Movement
Crude Oil prices advanced 1.53% against the USD for the 24 hour period ending 23:00GMT, closing at 96.80, as prospects for stronger oil demand increased after economic sentiment improved in Germany and the Euro-zone.
The Bank of Japan announcement was the catalyst for most commodities in early trading. Crude Oil prices remains elevated as tensions in the Middle East continue to stress traders, after Islamic terrorist attacks in Algeria and Mali.
In the Asian session, at GMT0400, Crude Oil is trading at 96.60, 0.21% lower from yesterday’s close. However, WTI crude held above $96 a barrel, supported by a brighter outlook for the global economy while investors awaited inventory data from the US later today and tomorrow for clues to demand in the world’s largest oil consumer.
Crude Oil is expected to find support at 95.42, and a fall through could take it to the next support level of 94.24. Crude Oil is expected to find its first resistance at 97.34, and a rise through could take it to the next resistance level of 98.08.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
