Crude Oil Movement
Crude Oil prices advanced 1.22% against the USD for the 24 hour period ending 23:00GMT, closing at 93.91, as the latest batch of upbeat manufacturing PMI data from the US, the Euro-zone and China, bolstered the demand-outlook of the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 94.01, 0.11% higher from yesterday’s close.
Crude oil is expected to find support at 92.97, and a fall through could take it to the next support level of 91.92. Crude oil is expected to find its first resistance at 94.65, and a rise through could take it to the next resistance level of 95.28.
Later today, the American Petroleum Institute (API) is scheduled to release a report on the US crude inventory for the week ended November 29. Traders also await the outcome of a meeting of the Organization of the Petroleum Exporting Countries’ (OPEC) members on Wednesday.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
