Crude Oil Movement
Crude Oil prices advanced 0.48% against the USD for the 24 hour period ending 23:00GMT, closing at 86.18, following signs that the US economic growth is accelerating and amid speculation that the Bank of Japan would increase stimulus.
Additionally, concerns that a hurricane could hit the US Northeast, forcing refineries there to reduce output of gasoline and heating oil, also supported oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 85.64, 0.63% lower from yesterday’s close.
Crude oil is expected to find support at 85.00, and a fall through could take it to the next support level of 84.37. Crude oil is expected to find its first resistance at 86.51, and a rise through could take it to the next resistance level of 87.39.
Crude Oil is trading just below its 20 Hr and 50 Hr moving averages.
