Crude Oil Movement
Oil prices advanced 0.62% against the USD for the 24 hour period ending 23:00GMT on Friday, closing at 107.51, on the speculation that demand for crude oil would increase after more-than-expected rise in the US payroll data for February and as Greece got rescue package from its creditors.
Meanwhile, on Friday, in its monthly oil report, OPEC lowered production by non-OPEC countries by 130,000 barrels per day (bpd) from the previous month to a rise of 600,000 bpd in 2012.
In the Asian session, at GMT0400, Crude Oil is trading at 106.82, 0.64% lower from Friday’s close.
Crude oil is expected to find support at 105.91, and a fall through could take it to the next support level of 104.99. Crude oil is expected to find its first resistance at 107.97, and a rise through could take it to the next resistance level of 109.11.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
