Crude Oil Movement
Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 88.73, amid encouraging US manufacturing and factory orders data. China’s positive Purchasing Managers’ Index (PMI) also helped bolster oil prices.
Oil prices also inched up on Thursday as a tropical storm threatened the Gulf of Mexico. Oil companies began evacuating workers from rigs in the Gulf of Mexico ahead of what US forecasters stated could be a powerful and dangerous storm, and Louisiana declared a state of emergency.
At GMT 0300, Oil is trading at USD88.64 per barrel in the Asian session, 0.10% lower from 23:00GMT.
The pair has its first resistance at 89.63, followed by the next resistance at 90.62. On the other side, the first support is at 87.93, with the subsequent support at 87.22.
The pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
