Crude Oil Movement
On Friday, Oil prices advanced 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 103.49, as ongoing tensions in the Middle East added to concerns over supply disruption from the key oil-producing region.
The President Barack Obama, on Friday, vowed to forge ahead with tough sanctions on Iran, saying there was enough oil in the world market, including emergency stockpiles, to allow countries to cut Iranian imports.
In the Asian session, at GMT0300, Crude Oil is trading at 103.17, 0.10% higher from Friday’s close, on signs that the economy is improving in China, the world’s second-biggest crude-consuming nation. Data released on Saturday showed that the Purchasing Managers Index rose to 53.1 in March, from 51.0 in February.
Crude oil is expected to find support at 102.59, and a fall through could take it to the next support level of 102.00. Crude oil is expected to find its first resistance at 103.95, and a rise through could take it to the next resistance level of 104.72.
Crude oil is converging with its 20 Hr and trading below its 50 Hr moving average.
