Crude Oil Movement
Crude Oil prices advanced 1.07% against the USD for the 24 hour period ending 23:00GMT, closing at 102.17, as the demand outlook of the commodity was bolstered after the US lawmakers agreed to increase the nation’s debt limit and end the government shutdown. Meanwhile, concerns over the Iran nuclear deal waned after the US and European diplomats said the negotiations with Iran went into more detail than previous rounds and took place in a more constructive atmosphere. Iran and world powers will hold another round of negotiations next month over the Persian Gulf country’s nuclear program.
However, gains were capped after the American Petroleum Institute, late Wednesday, reported a 5.9 million-barrel climb in the US crude supplies for the week ended October 1, more than analysts’ expectation for a climb of 2.25 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 102.20, tad higher from yesterday’s close.
Crude oil is expected to find support at 100.98, and a fall through could take it to the next support level of 99.75. Crude oil is expected to find its first resistance at 103.20, and a rise through could take it to the next resistance level of 104.19.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
