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.
GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.
DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
