Crude Oil Movement
On Friday, Crude Oil prices advanced 0.57% against the USD for the period ending 21:00GMT, closing at 100.18, after the government data indicated a larger-than-expected decline in US inventories. The Energy Information Administration (EIA) reported that the US crude inventories dropped by 4.70 million barrels to 367.60 million barrels for the week ended December 20.
In the Asian session, at GMT0400, Crude Oil is trading at 100.23, 0.05% higher from Friday’s close.
Crude oil is expected to find support at 99.49, and a fall through could take it to the next support level of 98.75. Crude oil is expected to find its first resistance at 100.86, and a rise through could take it to the next resistance level of 101.49.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
