Crude Oil Movement
On Monday, Crude Oil prices advanced 1.24% against the USD for the 24 hour period ending 23:00GMT, closing at 91.75, on the hopes of a fiscal cliff agreement after Senate Majority Leader ,Mitch McConnell stated that lawmakers has reached an agreement on all tax issues related to the fiscal cliff.
Additionally, Oil received support after a report from HSBC released confirmed that manufacturing activity in China expanded at the fastest pace since May 2011 in December.
In the Asian session, at GMT0400, Crude Oil is trading at 92.58, 0.9% higher from Monday’s close, after an official report indicated that manufacturing activity in China expanded at a mild pace in December, suggesting that the economy is rebounding.
Crude oil is expected to find support at 90.84, and a fall through could take it to the next support level of 89.10. Crude oil is expected to find its first resistance at 93.48, and a rise through could take it to the next resistance level of 94.38.
Crude oil is trading above its 20 Hr and its 50 Hr moving averages.
