Crude Oil Movement
Crude Oil prices advanced 1.87% against the USD for the 24 hour period ending 23:00GMT, closing at 98.07, after better-than-expected manufacturing activity in the US and the Euro-zone increased demand prospects for the fuel.
In the Asian session, at GMT0300, Crude Oil is trading at 97.97, 0.10% lower from yesterday’s close.
Market participants await weekly crude oil inventory data from the American Petroleum Institute (API) later in the day.
Crude oil is expected to find support at 96.61, and a fall through could take it to the next support level of 95.26. Crude oil is expected to find its first resistance at 98.80, and a rise through could take it to the next resistance level of 99.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
