Crude Oil Movement
Crude Oil prices advanced 0.61% against the USD for the 24 hour period ending 23:00GMT, closing at 97.99, amid an encouraging economic growth data from the US, even as the greenback strengthened against its key peer currencies following the Fed’s decision on Wednesday to further reduce its monthly bond-buying program by $10 billion.
Yesterday, a Bloomberg survey results of oil companies, producers and analysts showed that crude oil output by Organization of Petroleum Exporting Countries (OPEC) decreased by 151,000 barrels to an average 29.888 million barrels a day in January, the lowest level in more than two years, compared to 30.039 million in previous month.
At GMT 04:00, Oil is trading at USD 98.02 per barrel in the Asian session, tad higher from 23:00GMT.
Crude oil is expected to find support at 97.37, and a fall through could take it to the next support level of 96.72. Crude oil is expected to find its first resistance at 98.63, and a rise through could take it to the next resistance level of 99.24.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
