Crude Oil Movement
Crude Oil prices advanced 0.41% against the USD for the 24 hour period ending 23:00GMT, closing at 97.72, after the Federal Reserve announced that it would start scaling back its bond-buying programme from next month, which indicated that it is confident that economic conditions are improving. Crude prices further went up after the US Energy Information Administration (EIA) reported that crude supplies fell by 2.9 million barrels for the week ended December 13.
In the Asian session, at GMT0400, Crude Oil is trading at 97.73, marginally higher from yesterday’s close.
Crude oil is expected to find support at 97.16, and a fall through could take it to the next support level of 96.6. Crude oil is expected to find its first resistance at 98.15, and a rise through could take it to the next resistance level of 98.58.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
