Crude Oil Movement
On Friday, Crude Oil prices advanced marginally against the USD for the 24 hour period ending 24:00GMT, closing at 93.13, as investor sentiment was lifted after German business optimism rose sharply in February, raising hopes that the country would avoid a recession.
In the Asian session, at GMT0400, Crude Oil is trading at 93.02, 0.12% lower from Friday’s close.
Crude oil is expected to find support at 92.48, and a fall through could take it to the next support level of 91.94. Crude oil is expected to find its first resistance at 93.52, and a rise through could take it to the next resistance level of 94.02.
Crude Oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
