Crude Oil Movement
Crude Oil prices advanced 0.12% against the USD for the 24 hour period ending 23:00GMT, closing at 97.22, after a report showed that manufacturing activities in China, world’s second largest consumer of crude oil, rose more than expected in the month of October.
In the Asian session, at GMT0300, Crude Oil is trading at 97.36, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 96.31, 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 98.05, and a rise through could take it to the next resistance level of 98.74.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
