Crude Oil Movement
Crude Oil prices advanced 2.11% against the USD for the 24 hour period ending 23:00GMT, closing at 95.13, following strong factory order data from the US, which raised the demand outlook from the world’s largest consumer of crude oil.
Meanwhile, the American Petroleum Institute (API) reported that the US crude inventories fell by 545,000 barrels to 361 million barrels in the last week.
In the Asian session, at GMT0300, the pair is trading at 95.16, with the Crude oil trading tad higher from yesterday’s close.
The pair is expected to find support at 93.5967, and a fall through could take it to the next support level of 92.0333. The pair is expected to find its first resistance at 96.2767, and a rise through could take it to the next resistance level of 97.3933.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
