Crude Oil Movement
On Friday, Oil prices advanced 1.11% against the USD for the 24 hour period ending 23:00GMT, closing at 106.81, on continued supply concern.
Oil fell during the intraday session after the International Energy Agency assured that Saudi Arabia stood ready to fill any gaps created by Western sanctions on Iran. However, oil rallied sharply, following the reports that Iranian oil exports would drop by 300,000 barrels a day or 14% in March because of tighter sanctions.
In the Asian session, at GMT0300, Crude Oil is trading at 106.64, 0.16% lower from Friday’s close.
Crude oil is expected to find support at 105.12, and a fall through could take it to the next support level of 103.59. Crude oil is expected to find its first resistance at 108.21, and a rise through could take it to the next resistance level of 109.77.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
