Crude Oil Movement
Crude Oil prices advanced 0.86% against the USD for the 24 hour period ending 23:00GMT, closing at 98.48.
In the Asian session, at GMT0400, Crude Oil is trading at 98.46, tad lower from yesterday’s close, as supply concerns from the Middle East region eased after Libya News Agency reported that output at the Al-Sharara field would resume over the next 24 hours, which were halted earlier due to strikes and protests.
Crude oil is expected to find support at 97.61, and a fall through could take it to the next support level of 96.77. Crude oil is expected to find its first resistance at 99.06, and a rise through could take it to the next resistance level of 99.67.
Later today, American Petroleum Institute’s (API) is scheduled to release a report on the US crude stockpiles for the week ended October 25.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
