Crude Oil Movement
Crude Oil prices advanced 0.43% against the USD for the 24 hour period ending 23:00GMT.
In the Asian session, at GMT0400, Crude Oil is trading at 94.30, marginally higher from yesterday’s close.
Crude oil is expected to find support at 93.42, and a fall through could take it to the next support level of 92.54. Crude oil is expected to find its first resistance at 94.84, and a rise through could take it to the next resistance level of 95.38.
Markets await for the weekly crude oil inventory data from the American Petroleum Institute today and the Energy Information Administration data tomorrow, for further guidance to the oil prices.
Crude oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
