Crude Oil Movement
Oil prices advanced 0.32% against the USD for the 24 hour period ending 23:00GMT, closing at 107.75, amid supply concerns after investors speculated that the risk of military conflict between Tehran and the West was rising.
In the Asian session, at GMT0400, Crude Oil is trading at 107.65, 0.09% lower from yesterday’s close, amid a hike in Chinese fuel prices raising concerns of lower energy demand in the world’s second largest oil consumer.
According to news, China would raise retail gasoline and diesel prices by between 6% and 7% from today, the biggest increase in 33 months.
Crude oil is expected to find support at 106.72, and a fall through could take it to the next support level of 105.79. Crude oil is expected to find its first resistance at 108.41, and a rise through could take it to the next resistance level of 109.17.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is showing convergence with its 20 Hr and trading above 50 Hr moving average.
