Crude Oil Movement
Oil prices advanced 0.87% against the USD for the 24 hour period ending 23:00GMT, closing at 99.65, amid supply concerns, as tension between Iran and Saudi Arabia grew, after the former warned its Gulf Arab neighbours not to make up any shortfall caused by an embargo on its crude oil exports.
In the Asian session, at GMT0400, Crude Oil is trading at 100.12, 0.47% higher from yesterday’s close.
Crude oil is expected to find support at 99.22, and a fall through could take it to the next support level of 98.32. Crude oil is expected to find its first resistance at 100.59, and a rise through could take it to the next resistance level of 101.06.
Crude Oil is trading above its 20 Hr and its 50 Hr moving averages.
