Crude Oil Movement
On Friday, Oil prices advanced 1.05% against the USD for the 24 hour period ending 23:00GMT, closing at 97.74, after upbeat US economic data boosted investor confidence in the US economic recovery.
Moreover, oil prices remain supported by growing tensions in the oil-producing region of the Middle East, as Iran continued to threaten military action in its increasingly volatile stand-off with the US and European countries over its nuclear ambitions.
In the Asian session, at GMT0400, Crude Oil is trading at 97.37, 0.38% lower from Friday’s close.
Crude oil is expected to find support at 96.24, and a fall through could take it to the next support level of 95.12. Crude oil is expected to find its first resistance at 98.26, and a rise through could take it to the next resistance level of 99.16.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
