Crude Oil Movement
Crude Oil prices advanced 1.44% against the USD for the 24 hour period ending 23:00GMT, closing at 89.37, as investors indulged in bargain hunting following last week’s plunge in oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 88.82, 0.62% lower from yesterday’s close.
Investors look forward to the US crude oil inventories data by the American Petroleum Institute, due later today and the Energy Information Administration stockpile report due tomorrow.
Crude oil is expected to find support at 87.78, and a fall through could take it to the next support level of 86.74. Crude oil is expected to find its first resistance at 89.63, and a rise through could take it to the next resistance level of 90.44.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
