Crude Oil Movement
Oil prices advanced 0.73% against the USD for the 24 hour period ending 23:00GMT, closing at 103.19, after strong US retail sales data lifted hopes that a recovering US economy may bolster fuel demand.
Separately, investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 102.94, 0.24% lower from yesterday’s close.
Crude oil is expected to find support at 102.04, and a fall through could take it to the next support level of 101.13. Crude oil is expected to find its first resistance at 103.61, and a rise through could take it to the next resistance level of 104.27.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
