Crude Oil Movement
Crude Oil prices advanced 0.52% against the USD for the 24 hour period ending 23:00GMT, closing at 106.39, on increased demand prospects after economic data indicated an in line economic growth in China.
In the Asian session, at GMT0300, Crude Oil is trading at 106.07, 0.30% lower from yesterday’s close.
Crude oil weekly stockpile data from the American Petroleum Institute (API) is secluded to be released later in the day.
Crude oil is expected to find support at 104.90, and a fall through could take it to the next support level of 103.73. Crude oil is expected to find its first resistance at 106.99, and a rise through could take it to the next resistance level of 107.91.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
