Crude Oil Movement
Crude Oil prices advanced 0.85% against the USD for the 24 hour period ending 23:00GMT, closing at 102.29, after an upbeat growth in the Euro-zone’s industrial production activities bolstered the demand outlook of the commodity in the region. Positive sentiment was also fuelled after few US lawmakers, including Senate Majority Leader, Harry Reid expressed optimism for an agreement on the US budget talks by the end of this week.
In the Asian session, at GMT0300, Crude Oil is trading at 102.19, 0.10% lower from yesterday’s close, as geopolitical tensions with Iran are expected to ease, with talks about nation’s nuclear program are due to start today in Geneva and will be the first since the election of President, Hassan Rouhani.
Crude oil is expected to find support at 101.29, and a fall through could take it to the next support level of 100.40. Crude oil is expected to find its first resistance at 102.85, and a rise through could take it to the next resistance level of 103.52.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
