Crude Oil Movement
On Friday, Crude Oil prices advanced 0.66% against the USD for the period ending 21:00GMT, closing at 97.86, as a more-than-expected rise in the US durable goods orders during September, bolstered the demand prospect of the commodity in the nation. Additionally, the oil prices also found some support from reports that the Organization of Petroleum Exporting Countries (OPEC) would reduce crude shipments by 110,000 barrels a day, or 0.5%, to 23.8 million barrels in the four weeks to November 9.
In the Asian session, at GMT0400, Crude Oil is trading at 97.66, 0.20% lower from Friday’s close, as investors await the outcome of the US Federal Reserve’s policy meeting later this week. The market participants will also keep an eye on talks between Iran and six world powers on October 30-31 on the contested Iranian nuclear programme with hopes of a breakthrough rising.
Crude oil is expected to find support at 97.08, and a fall through could take it to the next support level of 96.50. Crude oil is expected to find its first resistance at 98.15, and a rise through could take it to the next resistance level of 98.64.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
