Crude Oil Movement
Crude Oil prices advanced 0.21% against the USD for the 24 hour period ending 23:00GMT, closing at 97.31, after Iran and the UN failed to reach a deal on inspections with Iran..
Prices were also bolstered amid speculation that the Organization of Petroleum Exporting Countries would lower crude shipments by 0.9% in February, following lower production by Saudi Arabia.
In the Asian session, at GMT0400, Crude Oil is trading at 97.38, marginally higher from yesterday’s close.
Crude oil is expected to find support at 96.86, and a fall through could take it to the next support level of 96.35. Crude oil is expected to find its first resistance at 97.80, and a rise through could take it to the next resistance level of 98.23.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
