Crude Oil Movement
On Friday, Crude Oil prices finished flat against the USD for the period ending 21:00GMT, closing at 106.63, paring its initial gains, as concerns on the supply-outlook of oil from Iraq eased after media reports showed that Iraqi government forces battled Sunni militants for control of the country’s biggest refinery and as separate reports revealed that oil exports from Iraq’s major oilfields to the south of Baghdad remained unaffected.
In the Asian session, at GMT0300, Crude Oil is trading at 107.18, 0.52% higher from Friday’s close, as a more-than-expected rise in China’s HSBC manufacturing PMI for June bolstered the demand-outlook of the second largest consumer of crude oil while seizure of additional territories in Iraq by the Sunni fighters spurred concerns on the supply prospects of crude oil from the Middle East nation.
Crude oil is expected to find support at 106.18, and a fall through could take it to the next support level of 105.17. Crude oil is expected to find its first resistance at 107.82, and a rise through could take it to the next resistance level of 108.45.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
