Crude Oil Movement
Crude oil prices marginally declined against the USD for the 24 hour period ending 23:00GMT, closing at 97.48, as upbeat retail sales numbers in the nation strengthened the case for the Federal Reserve to start easing back on its stimulus sooner-than-expected.
In the Asian session, at GMT0400, Crude Oil is trading at 97.54, 0.06% higher from yesterday’s close.
Crude oil is expected to find support at 97.17, and a fall through could take it to the next support level of 96.81. Crude oil is expected to find its first resistance at 98.04, and a rise through could take it to the next resistance level of 98.55.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
