Crude Oil Movement
Crude Oil prices declined 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 96.33, as a more-than-expected surge in the level of US crude stockpiles weighed on the demand outlook for the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 96.41, 0.08% higher from yesterday’s close, as demand prospects for the commodity received a boost from upbeat manufacturing PMI report from China, the world’s second largest consumer of crude oil.
Crude oil is expected to find support at 95.95, and a fall through could take it to the next support level of 95.49. Crude oil is expected to find its first resistance at 96.95, and a rise through could take it to the next resistance level of 97.49.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
