Crude Oil Movement
Crude Oil prices were flat against the USD for the 24 hour period ending 23:00GMT, closing at 98.42.
However, crude oil prices edged up after the American Petroleum Institute (API) reported US oil supplies slid 5.67 million barrels last week and despite an official gauge of manufacturing activity in China, the world’s second-biggest oil user, falling to a four-month low in December.
In the Asian session, at GMT0400, Crude Oil is trading at 98.67, 0.25% higher from yesterday’s close.
Crude oil is expected to find support at 98.49, and a fall through could take it to the next support level of 98.32. Crude oil is expected to find its first resistance at 98.77, and a rise through could take it to the next resistance level of 98.88.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
