Oil prices advanced 1.11% against the USD for the 24 hour period ending 23:00GMT, closing at 103.75, as greenback weakened after central bank officials in the US indicated they would use monetary policies to stimulate their economies.
Meanwhile, oil traders looked forward to talks scheduled to take place over the weekend in Turkey between Iran and six world powers, surrounding Tehran’s disputed nuclear program.
Yesterday, the International Energy Agency indicated that increased output from OPEC countries coupled with sluggish demand could lead to lower oil prices. It added that 2012 global oil demand is expected to rise to 89.9 million barrels per day, a rise of 0.9% on 2011.
In the Asian session, at GMT0300, Crude Oil is trading at 103.30, 0.43% lower from yesterday’s close.
Crude oil is expected to find support at 102.38, and a fall through could take it to the next support level of 101.46. Crude oil is expected to find its first resistance at 104.23, and a rise through could take it to the next resistance level of 105.16.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.