Crude Oil Movement
Oil prices advanced 0.61% against the USD for the 24 hour period ending 23:00GMT, closing at 101.61, following concerns that instability in the Middle East may increase after Saudi Arabia sent its troops into Bahrain.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
At GMT 0400, Oil is trading at USD 98.90 per barrel in the Asian session, 2.67% lower from 23:00GMT.
The pair has its first resistance at 100.84, followed by the next resistance at 102.77. On the other side, the first support is at 97.99, with the subsequent support at 97.07.
The pair is trading just below its 20 Hr and 50 Hr moving averages.
