Crude Oil Movement
Oil prices advanced 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 107.03, on speculation that demand for fuel would rise after Federal Reserve Chairman Ben Bernanke signaled that interest rates would be kept low enough to stimulate the US economy.
Continued geopolitical concerns between Iran and West over the former’s controversial nuclear program, also gave support to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 106.88, 0.14% lower from yesterday’s close, on speculation that the US crude oil inventories are rising.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 106.27, and a fall through could take it to the next support level of 105.67. Crude oil is expected to find its first resistance at 107.40, and a rise through could take it to the next resistance level of 107.93.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
