Crude Oil Movement
Crude Oil prices advanced 0.25% against the USD for the 24 hour period ending 23:00GMT, closing at 93.28, as investors indulged in bottom fishing, after oil prices fell last week on concerns that the US Congress would struggle in debt ceiling debate.
In the Asian session, at GMT0400, Crude Oil is trading at 93.15, 0.14% lower from yesterday’s close.
Crude Oil is expected to find support at 92.60, and a fall through could take it to the next support level of 92.04. Crude oil is expected to find its first resistance at 93.53, and a rise through could take it to the next resistance level of 93.90.
Crude Oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
