Crude Oil Movement
On Friday, Crude Oil prices advanced 2.01% against the USD for the 24 hour period ending 24:00GMT, closing at 87.11, on concerns that Israel and Iran may be edging closer to war over latter’s nuclear ambitions.
An International Atomic Energy Agency report on Iran last week indicated that the country has installed centrifuges to further enrich uranium. Meanwhile, escalating military campaigns between Israel and Hamas further pushed prices higher.
In the Asian session, at GMT0400, Crude Oil is trading at 87.72, 0.70% higher from Friday’s close.
Crude Oil is expected to find support at 85.91, and a fall through could take it to the next support level of 84.10. Crude Oil is expected to find its first resistance at 88.64, and a rise through could take it to the next resistance level of 89.56.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
