Crude Oil Movement
Crude Oil prices advanced 1.58% against the USD for the 24 hour period ending 23:00GMT, closing at 95.28, after reports showed that optimism for a nuclear deal with Iran waned. The Iranian Deputy Foreign Minister, Abbas Araghchi, during a pause between sessions, told reporters that, “we cannot enter serious talks until the trust is restored”. However he added that it “doesn’t mean that we will stop negotiations.” Separately, France Foreign Minister, Laurent Fabius, stated that, “for now, the Iranians have not been able to accept the position of the six.”
Separately, a strong US weekly jobless claims report hinted signs of more demand of fuel.
In the Asian session, at GMT0400, Crude Oil is trading at 95.19, 0.09% lower from yesterday’s close.
Crude oil is expected to find support at 93.90, and a fall through could take it to the next support level of 92.60. Crude oil is expected to find its first resistance at 96.06, and a rise through could take it to the next resistance level of 96.92.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
