Crude Oil Movement
On Friday, Crude Oil prices advanced 0.81% against the USD for the period ending 21:00GMT, closing at 93.05, as a weaker US Dollar bolstered the demand outlook of the dollar-denominated commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 93.21, 0.17% higher from Friday’s close, following upbeat manufacturing PMI data from China, world’s second largest consumer of crude oil. However, gains in the crude oil prices were capped after the Organization of Petroleum Exporting Countries (OPEC) reported that crude production in the region decreased by 245,000 barrels a day to an average of 30.007 million in November, compared to 30.252 million in October.
Crude oil is expected to find support at 92.25, and a fall through could take it to the next support level of 91.30. Crude oil is expected to find its first resistance at 94.03, and a rise through could take it to the next resistance level of 94.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
