Crude Oil Movement
Crude Oil prices rebounded 2.07% against the USD for the 24 hour period ending 23:00GMT, closing at 93.26, as investor sentiment was lifted by manufacturing purchasing managers’ index (PMI) data from European nations, which showed that a downturn in manufacturing activity eased last month.
Oil prices also rose as political instability in the Middle East fuelled supply concerns.
In the Asian session, at GMT0300, Crude Oil is trading at 92.94, 0.34% lower from yesterday’s close.
Investors eye the crude inventories data scheduled for release later today and tomorrow, to offer further guidance to crude oil prices.
Crude oil is expected to find support at 91.64, and a fall through could take it to the next support level of 90.34. Crude oil is expected to find its first resistance at 93.97, and a rise through could take it to the next resistance level of 95.00.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
