Crude Oil Movement
On Friday, Crude Oil prices declined 1.79% against the USD for the period ending 21:00GMT, closing at 94.61, as the demand prospect of the dollar-denominated commodity came under pressure, after the US Dollar advanced against most of its major counterparts, following the release of a strong US ISM manufacturing PMI data. Additionally, lingering concerns over a more-than-expected surge in the weekly US crude supplies further pressurised the prices of the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 94.61, flat from Friday’s close.
Crude oil is expected to find support at 93.76, and a fall through could take it to the next support level of 92.92. Crude oil is expected to find its first resistance at 96.05, and a rise through could take it to the next resistance level of 97.50.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
