Crude Oil Movement
On Friday, Crude Oil prices advanced 0.26% against the USD for the period ending 21:00GMT, closing at 97.68. However easing geopolitical tensions capped its gains.
Meanwhile, the OPEC has cut down its 2014 global oil demand growth forecast for the second month in a row, however it reported that the group has managed to increase its output despite turmoil in its two main group countries Iraq and Libya.
In the Asian session, at GMT0300, Crude Oil is trading at 98.01, 0.34% higher from Friday’s close.
Crude oil is expected to find support at 97.29, and a fall through could take it to the next support level of 96.57. Crude oil is expected to find its first resistance at 98.59, and a rise through could take it to the next resistance level of 99.17.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
