Crude Oil Movement
Crude Oil prices advanced 0.93% against the USD for the 24 hour period ending 23:00GMT, closing at 94.69, amid a weak dollar and as the European Central Bank President Mario Draghi painted a greener picture of the Euro-zone’s economy by stating that economy will return to growth by the end of 2013. The ECB raised its 2014 growth forecast to 1.1% from 1.0%, which boosted oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 94.80, 0.12% higher from yesterday’s close.
Crude oil is expected to find support at 93.89, and a fall through could take it to the next support level of 92.97. Crude oil is expected to find its first resistance at 95.52, and a rise through could take it to the next resistance level of 96.23.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
