Crude Oil Movement
Crude Oil prices jumped 1.15% against the USD for the 24 hour period ending 23:00GMT, closing at 95.05, as an encouraging surge in US housing and consumer confidence data lifted investor sentiment.
In the Asian session, at GMT0300, Crude Oil is trading at 94.94, 0.12% lower from yesterday’s close.
Investors eye the release of weekly oil inventory data from American Petroleum Institute and Energy Information Administration scheduled for released later today and tomorrow respectively, to offer further guidance on oil prices.
Crude oil is expected to find support at 93.68, and a fall through could take it to the next support level of 92.42. Crude oil is expected to find its first resistance at 96.06, and a rise through could take it to the next resistance level of 97.18.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
