Crude Oil Movement
Oil prices advanced 1.00% against the USD for the 24 hour period ending 23:00GMT, closing at 105.92, on persistent concerns over Iran oil supplies. Meanwhile, fears grew among oil traders that an escalation of hostilities between Israel and Iran could set off a conflict across the region, sending oil prices higher.
In the Asian session, at GMT0400, Crude Oil is trading at 105.84, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 104.70, and a fall through could take it to the next support level of 103.55. Crude oil is expected to find its first resistance at 106.60, and a rise through could take it to the next resistance level of 107.35.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is trading above with its 20 Hr and 50 Hr moving averages.
