Crude Oil Movement
On Friday, Crude Oil prices advanced 1.35% against the USD for the 24 hour period ending 24:00GMT, closing at 86.17, boosted by an upbeat industrial production data from China and as consumer sentiment in the US rose to a five-year high.
Meanwhile, on Saturday, in its new monthly report, Organization of the Petroleum Exporting Countries (OPEC) indicated that Iran’s oil production decreased by 48,000 barrels per day in October, compared to September and fell to 2.626 million barrels per day.
In the Asian session, at GMT0400, Crude Oil is trading at 86.25, marginally higher from Friday’s close.
Crude Oil is expected to find support at 84.66, and a fall through could take it to the next support level of 83.08. Crude Oil is expected to find its first resistance at 87.30, and a rise through could take it to the next resistance level of 88.36.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
