Crude Oil Movement
On Friday, Crude Oil prices advanced 0.46% against the USD for the period ending 21:00GMT, closing at 99.14, following an upward revision of the US third-quarter economic growth, which buoyed energy-demand prospects ahead of a holiday-shortened week.
Over the weekend, ministers from Saudi Arabia, Kuwait and Iraq stated that the Organization of the Petroleum Exporting Countries (OPEC) need not cut production next year to make room for additional supplies from Iran, Libya and US shale oil, as they were of the opinion that the oil market would stay balanced and stable next year.
In the Asian session, at GMT0400, Crude Oil is trading at 99.17, marginally higher from Friday’s close.
Crude oil is expected to find support at 98.67, and a fall through could take it to the next support level of 98.18. Crude oil is expected to find its first resistance at 99.53, and a rise through could take it to the next resistance level of 99.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
