Crude Oil Movement
Crude Oil prices advanced 0.09% against the USD for the 24 hour period ending 23:00GMT, closing at 105.53, paring its initial losses, on account of easing concerns on the supply-outlook of the commodity from the Middle East nations. However, Ukraine President, Petro Poroshenko’s indication to start an offensive operation against pro-Russian separatist in his nation, fuelled some concerns on the supply prospects of the commodity from the Russia-Ukraine region. Meanwhile, a survey report from Reuters revealed that, on account of the Iraq crisis, oil output from the OPEC fell in June from May’s three-month high level.
In the Asian session, at GMT0300, Crude Oil is trading at 105.58, slightly higher from yesterday’s close.
Crude oil is expected to find support at 104.91, and a fall through could take it to the next support level of 104.25. Crude oil is expected to find its first resistance at 105.99, and a rise through could take it to the next resistance level of 106.41.
Crude oil is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
