Crude Oil Movement
Crude Oil prices declined 0.57% against the USD for the 24 hour period ending 23:00GMT, closing at 100.27, amid broad gains in the US Dollar. However, mounting geo-political tensions in Ukraine and lingering concerns on the supply-outlook of the commodity in Libya limited the losses in oil prices. Separately, data from China showed that crude oil imports in the nation rose 22.0% to a record 6.78 million bpd in April.
In the Asian session, at GMT0300, Crude Oil is trading at 100.43, 0.16% higher from yesterday’s close.
Crude oil is expected to find support at 99.90, and a fall through could take it to the next support level of 99.37. Crude oil is expected to find its first resistance at 100.93, and a rise through could take it to the next resistance level of 101.43.
Crude oil is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
