Crude Oil Movement
Crude Oil prices declined 0.66% against the USD for the 24 hour period ending 23:00GMT, closing at 102.26, amid mounting speculation that Ukrainian President, Petro Poroshenko’s peace-plan with Russia would ease supply-concerns of the commodity from the Russia-Ukraine region. However, crude prices found some support after the Energy Information Administration (EIA) reported a 3.4 million barrels fall in the US crude supplies last week, with a 321,000 barrels decline in crude stocks at the Cushing, Oklahoma.
In the Asian session, at GMT0300, Crude Oil is trading at 102.44, 0.18% higher from yesterday’s close.
Crude oil is expected to find support at 101.86, and a fall through could take it to the next support level of 101.27. Crude oil is expected to find its first resistance at 103.36, and a rise through could take it to the next resistance level of 104.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
