Crude oil Movement
Oil prices advanced 1.88% against the USD for the 24 hour period ending 23:00GMT, closing at 99.91, amid supply concerns after European Union officials stated that diplomats agreed to place an embargo on Iran oil in a phased manner starting July 1.
Investors await the oil inventory reports later today and tomorrow to offer further direction to oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 99.52, 0.39% lower from yesterday’s close.
Crude oil is expected to find support at 98.00, and a fall through could take it to the next support level of 96.48. Crude oil is expected to find its first resistance at 100.64, and a rise through could take it to the next resistance level of 101.76.
Crude oil is trading just above its 20 Hr and its 50 Hr moving averages.
