Crude Oil Movement
Crude Oil prices advanced 1.91% against the USD for the 24 hour period ending 23:00GMT, closing at 59.69, after the US weekly jobless claims for unemployment benefits dropped more than expected, thus raising the demand outlook of the commodity from the world’s biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 59.70, with the oil trading a tad higher from yesterday’s close.
The pair is expected to find support at 58.78, and a fall through could take it to the next support level of 57.86. The pair is expected to find its first resistance at 60.26, and a rise through could take it to the next resistance level of 60.82.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
