Crude Oil Movement
On Friday, Crude Oil prices advanced 1.72% against the USD for the period ending 21:00GMT, closing at 110.31 as a weakness in dollar following a lackluster US nonfarm payrolls report, bolstered the demand outlook of the commodity. The supply outlook of the commodity from the Middle East region was dampened after media reports highlighted that Russia would continue to provide assistance to the government of Bashar al-Assad, if Syria is attacked for allegedly using chemical weapons by the Western powers.
In the Asian session, at GMT0300, Crude Oil is trading at 110.33, marginally higher from Friday’s close.
Crude oil is expected to find support at 108.78, and a fall through could take it to the next support level of 107.23. Crude oil is expected to find its first resistance at 111.29, and a rise through could take it to the next resistance level of 112.25.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
