Crude Oil Movement
Oil prices advanced 0.99% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 101.07, after a report showed a sharp decline in the US unemployment rate, raising optimism over the country’s economic recovery.
Deepening tensions between Iran and the European Union; and sanctions on Syria also boosted crude oil price, as investors remained concerned over supply disruption of the oil from both the countries.
In the Asian session, at GMT0400, Crude Oil is trading at 101.47, 0.40% higher from Friday’s close.
Crude oil is expected to find support at 100.24, and a fall through could take it to the next support level of 99.02. Crude oil is expected to find its first resistance at 102.21, and a rise through could take it to the next resistance level of 102.96.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
