Crude Oil Movement
Crude Oil prices advanced 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 95.00. Crude prices received some support from escalating tensions over the supply outlook from the Middle East region after reports indicated that talks aimed at curbing Iran’s nuclear program had stalled. However, the Iranian state television reported that the country has agreed to a deal with the United Nations’ chief nuclear inspector that would give International Atomic Energy Agency inspectors wider access to the country’s nuclear sites, which capped gains slightly.
In the Asian session, at GMT0400, Crude Oil is trading at 94.84, 0.17% lower from yesterday’s close.
Crude oil is expected to find support at 94.17, and a fall through could take it to the next support level of 93.51. Crude oil is expected to find its first resistance at 95.44, and a rise through could take it to the next resistance level of 96.05.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
