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Categorized | Forex News

Crude Oil: Oil rose on demand prospects & supply concern, trading lower this morning

Posted on06 August 2012. Tags: , , ,

Crude Oil

Crude Oil Movement

On Friday, oil prices advanced 4.43% against the USD for the 24 hour period ending 23:00GMT, closing at 91.30, on speculation that demand for oil might rise following positive economic data from the US and Euro-zone.

The oil prices also received support amid supply concern following the turmoil in Syria and Iran’s dispute with the West over Tehran’s nuclear program.

In the Asian session, at GMT0300, Crude Oil is trading at 91.12, 0.20% lower from Friday’s close.

Crude oil is expected to find support at 88.37, and a fall through could take it to the next support level of 85.63. Crude oil is expected to find its first resistance at 92.80, and a rise through could take it to the next resistance level of 94.49.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.