Crude Oil Movement
Crude Oil prices advanced 0.65% against the USD for the 24 hour period ending 23:00GMT, closing at 97.35, after encouraging data from the Euro-zone offered signals that the region’s economy is on the mend and as supply concerns revived after Libya failed to reach a deal with its leaders to end the blockade of several oil-exporting ports.
In the Asian session, at GMT0400, Crude Oil is trading at 97.32, marginally lower from yesterday’s close.
Later today, investors would focus on the data on crude oil inventories in the US from the American Petroleum Institute (API) today, followed by the Energy Information Administration (EIA) tomorrow.
Crude oil is expected to find support at 96.46, and a fall through could take it to the next support level of 95.59. Crude oil is expected to find its first resistance at 97.94, and a rise through could take it to the next resistance level of 98.55.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
