Crude Oil Movement
Oil prices declined 1.76% against the USD for the 24 hour period ending 23:00GMTon Friday, closing at 106.88.
In the Asian session, at GMT0400, Crude Oil is trading at 106.98, 0.09% higher from Friday’s close, amid reports that the US President, Barack Obama, stated military force could be an option for dealing with Iran.
The US President, Barack Obama, on Sunday warned against “loose talk” of a war on Iran, ahead of a meeting today, in which he is expected to urge Israeli Prime Minister, Benjamin Netanyahu, to avoid a premature strike on the Islamic Republic’s nuclear facilities.
Crude oil is expected to find support at 105.63, and a fall through could take it to the next support level of 104.29. Crude oil is expected to find its first resistance at 108.49, and a rise through could take it to the next resistance level of 110.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
