Crude Oil Movement
Crude Oil prices declined 0.57% against the USD for the 24 hour period ending 23:00GMT, closing at 95.11, hit by reducing prospects for demand from China after industrial production in the nation rose slower-than-expected in April.
In the Asian session, at GMT0300, Crude Oil is trading at 95.40, 0.30% higher from yesterday’s close.
Crude oil is expected to find support at 94.67, and a fall through could take it to the next support level of 93.93. Crude oil is expected to find its first resistance at 95.94, and a rise through could take it to the next resistance level of 96.47.
Crude oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
