Crude Oil Movement
Oil prices advanced 0.60% against the USD, on Friday for the 24 hour period ending 23:00GMT, closing at 109.19, after gaining support from the US macroeconomic data.
On Sunday, Saudi Arabia’s oil minister reportedly stated that the nation cut its oil output by around 800,000 barrels per day in March, due to oversupply. The comments came as geopolitical tensions and violent attacks continued across the Middle East and North Africa over the weekend, stoking uncertainty in oil markets and supporting prices over recent months.
At GMT 0300, Oil is trading at USD 109.17 per barrel in the Asian session, 0.02% lower from 23:00GMT,
The pair has its first resistance at 110.43, followed by the next resistance at 111.70. On the other side, the first support is at 107.55, with the subsequent support at 105.94.
The pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
