Crude Oil Movement
On Friday, Crude Oil prices advanced 0.54% against the USD for the period ending 21:00GMT, closing at 103.62, as the supply outlook of the commodity came under pressure after the National Hurricane Centre highlighted the possibility for a hurricane in the Gulf of Mexico region.
In the Asian session, at GMT0300, Crude Oil is trading at 103.33, 0.28% lower from Friday’s close, as oil production resumed in the Gulf of Mexico after a tropical storm, while lingering concerns over the US government shutdown clouded the outlook for demand.
Crude oil is expected to find support at 102.84, and a fall through could take it to the next support level of 102.36. Crude oil is expected to find its first resistance at 104.00, and a rise through could take it to the next resistance level of 104.68.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
