Crude Oil Movement
Crude Oil prices advanced 0.91% against the USD for the 24 hour period ending 23:00GMT, closing at 108.66, as investors cheered International Energy Agency’s (IEA) upbeat forecast for global oil demand next year. However, a stronger dollar and diminishing concerns over the Syrian crisis, kept the gains of the dollar-denominated commodity in check.
The International Energy Agency (IEA), in its monthly report, stated that, as the underlying economic situation continues to improve, the global demand for oil next year, is expected to grow by 1.2% or 1.1 million barrels a day to 92 million barrels a day.
In the Asian session, at GMT0300, Crude Oil is trading at 108.62, marginally lower from yesterday’s close.
Crude oil is expected to find support at 107.56, and a fall through could take it to the next support level of 106.50. Crude oil is expected to find its first resistance at 109.42, and a rise through could take it to the next resistance level of 110.22.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
