Crude Oil Movement
Crude Oil prices advanced 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 93.84, as strong durable goods data and consumer confidence from the US boosted economic optimism in the world’s largest consumer of oil.
Meanwhile, the American Petroleum Institute (API) reported that the US crude inventories fell by 1.3 million barrels to 361.5 million barrels in the last week.
In the Asian session, at GMT0300, Crude Oil is trading at 93.91, 0.07% higher from yesterday’s close.
Crude oil is expected to find support at 93.39, and a fall through could take it to the next support level of 92.87. Crude oil is expected to find its first resistance at 94.39, and a rise through could take it to the next resistance level of 94.87.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
