Crude Oil Movement
Oil prices advanced 0.90% against the USD for the 24 hour period ending 23:00GMT, closing at 95.22.
In the Asian session, at GMT0300, Crude Oil is trading at 95.18, marginally lower from yesterday’s close, on a potential rise in supply as the US mulled releasing oil reserves. Additionally, prices came under pressure amid easing concerns of a supply disruption from the Middle East after Israeli President, Shimon Peres downplayed the prospect of a unilateral strike on Iran.
Crude oil is expected to find support at 94.16, and a fall through could take it to the next support level of 93.13. Crude oil is expected to find its first resistance at 95.98, and a rise through could take it to the next resistance level of 96.77.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
