Crude Oil Movement
Crude Oil prices advanced 1.22% against the USD for the 24 hour period ending 23:00GMT, closing at 92.92, amid concerns over instability in the Middle East and a refinery shutdown in Venezuela.
Oil prices received some support after a fire broke out at Venezuela’s 146,000 barrel per day (bpd) El Palito refinery on Thursday.
In the Asian session, at GMT0300, Crude Oil is trading at 93.03, 0.12% higher from yesterday’s close.
Crude oil is expected to find support at 91.38, and a fall through could take it to the next support level of 89.74. Crude oil is expected to find its first resistance at 93.95, and a rise through could take it to the next resistance level of 94.88.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
