Crude Oil Movement
On Friday, Crude Oil prices advanced 1.16% against the USD for the period ending 21:00GMT, closing at 97.78, amid supply concerns following speculation that unrest in Syria would spread to other parts of the Middle East.
Also, stronger than expected retail sales data and unexpected drop in weekly jobless claims in the US supported the rally in the fuel prices.
In the Asian session, at GMT0300, Crude Oil is trading at 97.55, 0.24% lower from Friday’s close.
Crude oil is expected to find support at 96.56, and a fall through could take it to the next support level of 95.58. Crude oil is expected to find its first resistance at 98.39, and a rise through could take it to the next resistance level of 99.24.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
