Crude Oil Movement
Crude Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 106.63, as concerns on the supply-outlook of the commodity from Iraq, the second largest producer of oil in the OPEC, grew after the US intervened and agreed to send around 300 US military advisers to Iraq to help the nation in its battle against the Sunni rebels.
In the Asian session, at GMT0300, Crude Oil is trading at 106.61, a tad lower from yesterday’s close.
Crude oil is expected to find support at 105.72, and a fall through could take it to the next support level of 104.83. Crude oil is expected to find its first resistance at 107.10, and a rise through could take it to the next resistance level of 107.59.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
