Crude Oil Movement
Oil prices advanced 1.37% against the USD for the 24 hour period ending 23:00GMT, closing at 104.91, on upbeat manufacturing data from the US, the world’s largest oil consumers.
In the Asian session, at GMT0300, Crude Oil is trading at 104.96, 0.05% higher from yesterday’s close.
Investors await the oil inventory reports later today and tomorrow to offer further direction to oil prices.
Crude oil is expected to find support at 102.85, and a fall through could take it to the next support level of 100.74. Crude oil is expected to find its first resistance at 106.28, and a rise through could take it to the next resistance level of 107.60.
Crude oil is trading well above its 20 Hr and 50 Hr moving averages.
