Crude Oil Movement
Crude Oil prices advanced 2.00% against the USD for the 24 hour period ending 23:00GMT, closing at 90.89, after data showed that the US house prices rose more-than-expected in October. Additionally, cold weather and technical buying added to the upward momentum.
In the Asian session, at GMT0400, Crude Oil is trading at 90.90, marginally higher from yesterday’s close.
Investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices.
Crude Oil is expected to find support at 89.43, and a fall through could take it to the next support level of 87.95. Crude Oil is expected to find its first resistance at 91.84, and a rise through could take it to the next resistance level of 92.77.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
