Crude Oil Movement
Crude Oil prices added 1.54% against the USD for the 24 hour period ending 23:00GMT, closing at 105.20, buoyed by upbeat economic data that suggested the global economy is on the mend and kindled hopes for higher fuel demand. Moreover, growing civil unrest across the Middle East continues to add a broad support to oil prices.
The data showed that manufacturing activity in the US and China rose to multi-month highs while growth in the Euro-zone was better than expected, pointing to a potential uptick in world oil demand.
In the Asian session, at GMT0300, Crude Oil is trading at 105.13, marginally lower from yesterday’s close.
Crude oil is expected to find support at 104.03, and a fall through could take it to the next support level of 102.93. Crude oil is expected to find its first resistance at 105.83, and a rise through could take it to the next resistance level of 106.53.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
