Crude Oil Movement
Crude Oil prices advanced 1.19% against the USD for the 24 hour period ending 23:00GMT, closing at 101.37, as a strong US GDP data bolstered the demand outlook of the commodity in the nation. Meanwhile lingering concerns on the supply-outlook of the commodity further supported the prices of crude oil.
In the Asian session, at GMT0400, Crude Oil is trading at 101.39, tad higher from yesterday’s close.
Crude oil is expected to find support at 100.38, and a fall through could take it to the next support level of 99.37. Crude oil is expected to find its first resistance at 102.05, and a rise through could take it to the next resistance level of 102.71.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
