Crude Oil Movement
Oil prices advanced 1.65% against the USD for the 24 hour period ending 23:00GMT, closing at 108.80, after Israel stated that it would test-fire a ballistic interceptor missile, raising fears of a conflict with Iran. Additionally, oil prices also rose, amid reports of a major pipeline explosion in Saudi Arabia. However, Saudi Arabia oil official denied these reports later.
In the Asian session, at GMT0400, Crude Oil is trading at 108.85, 0.05% higher from yesterday’s close.
Crude oil is expected to find support at 107.15, and a fall through could take it to the next support level of 105.45. Crude oil is expected to find its first resistance at 109.95, and a rise through could take it to the next resistance level of 111.05.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
