Crude Oil Movement
Crude Oil prices declined 0.30% against the USD for the 24 hour period ending 23:00GMT, closing at 96.12, as positive signs of recovery in the US against persistent doubts over the Chinese economy sent mixed signals about demand from the world’s top two oil consumers.
The US economic data indicated that new claims for jobless benefits dropped to the lowest level in more than five years, reducing the need for more economic stimulus from the Federal Reserve. Meanwhile, a faster rise in Chinese inflation in April which limits the ability of the central bank to support tepid economic growth kept investor optimism in check.
In the Asian session, at GMT0300, Crude Oil is trading at 96.15, marginally higher from yesterday’s close.
Crude oil is expected to find support at 95.42, and a fall through could take it to the next support level of 94.7. Crude oil is expected to find its first resistance at 96.80, and a rise through could take it to the next resistance level of 97.46
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
