Crude Oil Movement
Crude Oil prices gained 0.57% against the USD for the 24 hour period ending 23:00GMT, closing at 97.43, after US, the largest consumer of crude, revealed an upbeat initial claims data.
In the Asian session, at GMT0300, Crude Oil is trading at 98.3, 0.89% higher from yesterday’s close, after the US President Obama authorized “targeted airstrikes” in Iraq raised oil supply concerns from OPEC’s second biggest oil producer.
Crude oil is expected to find support at 97.08, and a fall through could take it to the next support level of 95.87. Crude oil is expected to find its first resistance at 98.98, and a rise through could take it to the next resistance level of 99.67.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
