Crude Oil Movement
On Friday, Crude Oil prices advanced marginally against the USD for the 24 hour period ending 24:00GMT, closing at 97.61, on the back of upbeat US consumer sentiment and manufacturing data.
In the US, the consumer sentiment index rose to 73.8 in January, compared to a reading of 72.9 in the previous month, while the Institute for Supply Management reported that its manufacturing index climbed to a reading of 53.1 in January, from a downwardly revised reading of 50.2 recorded in the previous month.
Meanwhile, over the weekend, the National Bureau of Statistics and China Federation of Logistics & Purchasing reported that China’s non-manufacturing purchasing managers’ index rose to a reading of 56.2 in January, from a reading of 56.1 in December.
In the Asian session, at GMT0400, Crude Oil is trading at 97.59, marginally lower from Friday’s close.
Crude Oil is expected to find support at 96.68, and a fall through could take it to the next support level of 95.78. Crude Oil is expected to find its first resistance at 98.32, and a rise through could take it to the next resistance level of 99.06.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
