Crude Oil Movement
Crude Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 97.20, after the US Energy Information Administration (EIA) indicated that crude supplies unexpectedly fell by 5.6 million barrels for the week ended November 29. Oil prices got further support after the Organization of Petroleum Exporting Countries (OPEC) decided to leave output unchanged through the first half of 2014 at 30 million barrels a day.
In the Asian session, at GMT0400, Crude Oil is trading at 97.38, 0.19% higher from yesterday’s close.
Crude oil is expected to find support at 96.59, and a fall through could take it to the next support level of 95.81. Crude oil is expected to find its first resistance at 97.87, and a rise through could take it to the next resistance level of 98.37.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
