Crude Oil Movement
Crude Oil prices advanced 1.39% against the USD for the 24 hour period ending 23:00GMT, closing at 94.33, after data revealed that the consumer spending rose more than expected in August in the US, the world’s biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 94.42, with the oil trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 93.2267, and a fall through could take it to the next support level of 92.0333. The pair is expected to find its first resistance at 95.1267, and a rise through could take it to the next resistance level of 95.8333.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
