Crude Oil Movement
Crude Oil prices advanced 0.29% against the USD for the 24 hour period ending 23:00GMT, closing at 103.78, as escalating tension in Ukraine overshadowed easing concerns on the Libya oil supply. However, the gains in the commodity were capped after the American Petroleum Institute (API) reported a jump of 7.6 million barrels in the US crude inventories for the week ended 11 April 2014. Analysts’ had expected a climb of 2.4 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.76, tad lower from yesterday’s close, following a lacklustre Chinese industrial production data.
Crude oil is expected to find support at 103.10, and a fall through could take it to the next support level of 102.43. Crude oil is expected to find its first resistance at 104.24, and a rise through could take it to the next resistance level of 104.71.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
