Crude Oil Movement
Crude Oil prices advanced 1.28% against the USD for the 24 hour period ending 23:00GMT, closing at 98.62, amid a broad decline in the US Dollar. Price of crude oil rose further after the American Petroleum Institute (API) reported that the US crude stockpiles shrank by 7.5 million barrels during the week ended December 6th. Meanwhile, a monthly oil report from the Organization of the Petroleum Exporting Countries (OPEC) showed that crude production in the member nations averaged 29.63 million barrels per day in November, down from 29.83 million barrels per day in October, amid disruptions in Nigeria and Libya
However, the gains were capped after a report indicated that three eastern ports of Libya would reopen this month on December 15.
In the Asian session, at GMT0400, Crude Oil is trading at 98.45, 0.17% lower from yesterday’s close.
Crude oil is expected to find support at 97.70, and a fall through could take it to the next support level of 96.96. Crude oil is expected to find its first resistance at 98.97, and a rise through could take it to the next resistance level of 99.50.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
