Crude Oil Movement
On Friday, Crude Oil prices advanced 0.49% against the USD for the period ending 21:00GMT, closing at 103.74, as the latest upbeat US economic data bolstered the demand outlook of the commodity in the nation, known as the largest consumer of crude oil. However, the gains in the commodity were capped after the International Energy Agency (IEA) lowered its global demand forecast for 2014 by 100,000 barrels a day to 1.3 million barrels a day, due to expectations that more Libyan crude would reach the market next week
In the Asian session, at GMT0300, Crude Oil is trading at 104.28, 0.52% higher from Friday’s close, as escalating tensions between Ukraine and Russia weighed on the supply-outlook of the commodity from the region.
Crude oil is expected to find support at 103.38, and a fall through could take it to the next support level of 102.48. Crude oil is expected to find its first resistance at 104.81, and a rise through could take it to the next resistance level of 105.34.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
