By GCI Forex Research
Crude Oil Movement
Oil prices advanced 1.49% against the USD for the 24 hour period on Friday, ending 23:00GMT, closing at 98.24.
Oil advanced as the worsening situation in the Middle East stirred renewed concern about disruptions to oil production.
At GMT 0400, Oil is trading at USD 99.59 per barrel in the Asian session, 1.37% higher from 23:00GMT.
The pair has its first resistance at 100.86, followed by the next resistance at 102.14. On the other side, the first support is at 97.26, with the subsequent support at 94.94.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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