Crude Oil Movement
Crude Oil prices declined 0.47% against the USD for the 24 hour period ending 23:00GMT, closing at 99.29, as a lacklustre Chinese manufacturing PMI data and easing supply concerns in the US and Libya triggered a fall in the prices of crude oil. However, the recent batch of strong US economic releases bolstered the recovery prospect of the world’s largest economy and kept the commodity’s losses in check.
In the Asian session, at GMT0300, Crude Oil is trading at 99.43, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 98.82, and a fall through could take it to the next support level of 98.20. Crude oil is expected to find its first resistance at 99.97, and a rise through could take it to the next resistance level of 100.50.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
