Crude Oil Movement
Oil prices advanced 0.61% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 104.65, as the US Dollar weakened after disappointing data on first-quarter US economic growth fuelling expectations for another round of easing from the Federal Reserve.
Meanwhile, market participants continued to monitor ongoing tension between Iran and the West and a potential disruption to oil supplies from the Islamic Republic.
The US Energy Information Administration indicated on Friday that global oil supply exceeded demand by 500,000 barrels per day over the last two months, as Saudi Arabia boosted production levels.
In the Asian session, at GMT0300, Crude Oil is trading at 104.75, 0.10% higher from Friday’s close.
Crude oil is expected to find support at 103.99, and a fall through could take it to the next support level of 103.24. Crude oil is expected to find its first resistance at 105.25, and a rise through could take it to the next resistance level of 105.76.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
