Crude Oil Movement
Oil prices declined 0.27% against the USD for the 24 hour period ending 23:00GMT, closing at 104.87, as investors booked profits after oil prices crossed $105 per barrel.
During the day, oil climbed on news that Iran was halting its oil exports to the UK and France as those nations prepare to launch an embargo of Iranian crude.
In the Asian session, at GMT0400, Crude Oil is trading at 104.71, 0.15% lower from yesterday’s close.
Crude oil is expected to find support at 104.30, and a fall through could take it to the next support level of 103.88. Crude oil is expected to find its first resistance at 105.28, and a rise through could take it to the next resistance level of 105.84.
Crude oil is converging with its 20 Hr and trading above its 50 Hr moving average.
