Crude Oil Movement
Crude Oil prices advanced 1.89% against the USD, extending its previous session’s rally, for the 24 hour period ending 23:00GMT, closing at 93.27, as investor sentiment improved after the US Department of Labor showed that less Americans filed for unemployment insurance last week, thereby indicating that job growth may perk up from last month’s sluggish pace.
In the Asian session, at GMT0300, Crude Oil is trading at 93.34, marginally higher from yesterday’s close.
Crude oil is expected to find support at 91.68, and a fall through could take it to the next support level of 90.01. Crude oil is expected to find its first resistance at 94.44, and a rise through could take it to the next resistance level of 95.53.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
