Crude oil Movement
Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 99.88, after the Iranian Parliament stated that they are finalising a draft bill to stop all oil trade with Europe raising concerns over supply.
In the Asian session, at GMT0400, Crude Oil is trading flat at 99.88, from yesterday’s close.
Crude oil is expected to find support at 98.94, and a fall through could take it to the next support level of 98.01. Crude oil is expected to find its first resistance at 101.10, and a rise through could take it to the next resistance level of 102.33.
The pair is trading between with its 20 Hr and its 50 Hr moving averages.
