Crude Oil Movement
On Friday, Crude Oil prices advanced marginally against the USD for the period ending 21:00GMT, closing at 100.84, after the US Dollar gave up ground against most of its major counterparts and after a report showed that GDP in China, world’s second largest consumer of crude oil, rose more-than-expected in September. Positive sentiment was also fuelled after American Petroleum Institute, in its monthly report, highlighted that oil demand in the US rose last month from a year earlier. The Agency reported that the US oil demand rose 2.7% in September, due to the stronger economy and export demand.
In the Asian session, at GMT0300, Crude Oil is trading at 100.81, marginally lower from Friday’s close.
Crude oil is expected to find support at 100.31, and a fall through could take it to the next support level of 99.81. Crude oil is expected to find its first resistance at 101.51, and a rise through could take it to the next resistance level of 102.21.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
