Crude Oil Movement
Crude Oil prices rallied 2.37% against the USD for the 24 hour period ending 23:00GMT, closing at 106.95, as escalating violence in Iraq fuelled concerns on the supply-outlook of the commodity from the second-largest oil producer of the OPEC. Media reports showed that militants linked to al-Qaeda, who captured Iraq’s second-biggest city Mosul last week, took control of the nation’s northern oil hub of Kirkuk on Thursday. Separately, the OPEC, in its monthly oil report, projected global oil demand to rise by 1.14 million barrels a day in 2014.
In the Asian session, at GMT0300, Crude Oil is trading at 107.24, 0.27% higher from yesterday’s close.
Crude oil is expected to find support at 105.29, and a fall through could take it to the next support level of 103.33. Crude oil is expected to find its first resistance at 108.44, and a rise through could take it to the next resistance level of 109.63.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
