Crude Oil Movement
Crude Oil prices advanced 1.61% against the USD for the 24 hour period ending 23:00GMT, closing at 50.56, as geopolitical tensions escalated after Israeli Prime Minister, Benjamin Netanyahu warned the Obama administration against accepting a weak nuclear deal with Iran.
Oil prices further found support, as rival Libyan groups targeted oil terminals with possibilities of supply disruption from the region.
Separately, the American Petroleum Institute (API) data showed that US crude oil stocks rose by 2.9 million barrels in the previous week.
In the Asian session, at GMT0400, the pair is trading at 50.62, with the oil trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 49.77, and a fall through could take it to the next support level of 48.92. The pair is expected to find its first resistance at 51.15, and a rise through could take it to the next resistance level of 51.68.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
