Crude Oil Movement
Crude Oil prices advanced 0.56% against the USD for the 24 hour period ending 23:00GMT, closing at 97.91, as the latest batch of upbeat economic data from the US bolstered the demand outlook of the commodity in the US.
Separately, crude oil prices found some support after a report showed that crude production in Libya ranged from 450,000 to 500,000 barrels a day, down from previous week’s output of 600,000 barrels, due to protest at the Sharara field.
In the Asian session, at GMT0400, Crude Oil is trading at 97.64, 0.28% lower from yesterday’s close.
Crude oil is expected to find support at 97.11, and a fall through could take it to the next support level of 96.58. Crude oil is expected to find its first resistance at 98.50, and a rise through could take it to the next resistance level of 99.36.
Crude oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
