Crude Oil Movement
On Friday, Crude Oil prices advanced 1.02% against the USD for the period ending 21:00GMT, closing at 93.42, as cheerful economic growth data from the US raised the commodity’s demand outlook from the world’s biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 92.96, with the oil trading 0.49% lower from Friday’s close.
The pair is expected to find support at 92.1733, and a fall through could take it to the next support level of 91.3867. The pair is expected to find its first resistance at 93.8033, and a rise through could take it to the next resistance level of 94.6467.
Crude oil is showing convergence with its 20 Hr moving average trading above its 50 Hr moving average.
