Crude Oil Movement
Oil prices advanced 0.22% against the USD for the 24 hour period ending 23:00GMT, closing at 107.12, amid concerns over potential supply disruptions from Iran.
Investors concerns also heightened after the Israeli Prime Minister, Benjamin Netanyahu, showed no signs of backing away from a possible military action against Iran after a meeting with US President, Barack Obama, on Monday.
In the Asian session, at GMT0400, Crude Oil is trading at 106.60, 0.49% lower from yesterday’s close.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 105.59, and a fall through could take it to the next support level of 104.59. Crude oil is expected to find its first resistance at 107.51, and a rise through could take it to the next resistance level of 108.43.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
