Crude Oil Movement
Oil prices declined 0.48% against the USD for the 24 hour period ending 23:00GMT, closing at 98.79 on Friday, as investors fled the commodity for the safe haven dollar on reports that Standard & Poor’s downgraded France.
In the Asian session, at GMT0400, Crude Oil is trading at 98.90, 0.11% higher from Friday’s close, on concerns over supply disruption from the Middle East after Iran warned Gulf Arab neighbours that they may face consequences if they raised oil output to replace Iranian oil.
Crude Oil is expected to find support at 97.68, and a fall through could take it to the next support level of 96.45. Crude oil is expected to find its first resistance at 100.16, and a rise through could take it to the next resistance level of 101.41.
Crude Oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
