Crude Oil Movement
Crude Oil prices surged 3.24% against the USD for the 24 hour period ending 23:00GMT, closing at 93.87, as a drop in US jobless claims and a rate cut by the European Central Bank raised hopes for an increase in energy demand.
Separately, the Organization of Petroleum Exporting Countries stated that it expects few changes to its export levels this month, forecasting shipments of 23.67 million barrels per day through May 18.
In the Asian session, at GMT0300, Crude Oil is trading at 93.80, marginally lower from yesterday’s close.
Crude oil is expected to find support at 91.55, and a fall through could take it to the next support level of 89.30. Crude oil is expected to find its first resistance at 95.15, and a rise through could take it to the next resistance level of 96.50.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
