Crude Oil Movement
Crude Oil prices declined 1.39% against the USD for the 24 hour period ending 23:00GMT, closing at 103.22, as concerns over the supply-outlook of the commodity eased after Russian President, Vladimir Putin ordered troops to return to base from Ukraine borders, stating that he does not see an immediate need to invade Ukraine.
Meanwhile the American Petroleum Institute (API) reported 1.2 million barrels rise in the US crude supplies for the week ended 28 February. Analysts had expected the US crude stockpiles to register a rise of 1.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 103.47, 0.24% higher from yesterday’s close.
Crude oil is expected to find support at 102.61, and a fall through could take it to the next support level of 101.76. Crude oil is expected to find its first resistance at 104.56, and a rise through could take it to the next resistance level of 105.66.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
