Crude Oil Movement
On Friday, Oil prices advanced 1.12% against the USD for the 24 hour period ending 23:00GMT, closing at 109.76, amid mounting tensions over possible supply disruption following report that Tehran has rapidly expanded its nuclear enrichment production over the last four months.
Meanwhile, finance ministers and central bankers from the G-20 on Sunday stated that they were “alert to the risks of higher oil prices” and has discussed the impact that sanctions on Iran would have on crude supplies and global growth.
In the Asian session, at GMT0400, Crude Oil is trading at 109.52, 0.22% lower from Friday’s close.
Crude oil is expected to find support at 108.33, and a fall through could take it to the next support level of 107.14. Crude oil is expected to find its first resistance at 110.33, and a rise through could take it to the next resistance level of 111.14.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
