Crude Oil Movement
Oil prices advanced 0.40% against the USD for the 24 hour period ending 23:00GMT, closing at102.29, on concern that the dispute with Iran over its nuclear program may lead to a disruption in oil exports from the Persian Gulf region. Additionally, upbeat jobless claims and housing data in the US brightened the outlook for energy demand, pushing oil higher.
In the Asian session, at GMT0400, Crude Oil is trading at 102.42, 0.13% higher from yesterday’s close.
Crude oil is expected to find support at 101.28, and a fall through could take it to the next support level of 100.13. Crude oil is expected to find its first resistance at 103.13, and a rise through could take it to the next resistance level of 103.83.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
