Crude Oil Movement
On Friday, Crude Oil prices declined 0.06% against the USD for the period ending 21:00GMT, closing at 94.35, after the US Dollar gained ground against major counterparts following a strong growth in the US non-farm employment data.
In the Asian session, at GMT0400, Crude Oil is trading at 94.68, 0.35% higher from Friday’s close, as concerns over the supply outlook of the commodity from the Middle East region grew after Iran and six world powers failed to agree on a nuclear deal.
Crude oil is expected to find support at 94.08, and a fall through could take it to the next support level of 93.48. Crude oil is expected to find its first resistance at 95.10, and a rise through could take it to the next resistance level of 95.52.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
