Crude Oil Movement
Crude Oil prices advanced 0.71% against the USD for the 24 hour period ending 23:00GMT, closing at 98.43, amid increased optimism of the US economy, the world’s largest consumer of crude and following continued geopolitical tensions in Iraq, Libya and Ukraine.
In the Asian session, at GMT0300, Crude Oil is trading at 98.44, marginally higher from yesterday’s close.
Crude oil is expected to find support at 97.69, and a fall through could take it to the next support level of 96.94. Crude oil is expected to find its first resistance at 98.93, and a rise through could take it to the next resistance level of 99.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
