Crude Oil Movement
Oil prices advanced 0.65% against the USD for the 24 hour period ending 23:00GMT, closing at 106.85, on speculation that fuel demand would increase as Greece moves closer to completing a debt swap to ease Europe’s crisis and on strong German production data.
Continuous tensions between Iran and the West over Tehran’s nuclear ambitions also supported oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 106.92, 0.07% higher from yesterday’s close.
Crude oil is expected to find support at 106.11, and a fall through could take it to the next support level of 105.29. Crude oil is expected to find its first resistance at 107.47, and a rise through could take it to the next resistance level of 108.01.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
