Crude Oil Movement
Crude Oil prices advanced 0.50% against the USD for the 24 hour period ending 23:00GMT, closing at 102.54, buoyed by a weakness in the US Dollar. Meanwhile, concerns on the supply-outlook of the commodity from Libya and the Russia-Ukraine region, further supported the prices of crude oil.
In the Asian session, at GMT0300, Crude Oil is trading at 102.65, 0.11% higher from yesterday’s close, ahead of the release of the weekly US crude inventories reports.
Crude oil is expected to find support at 102.15, and a fall through could take it to the next support level of 101.65. Crude oil is expected to find its first resistance at 103.12, and a rise through could take it to the next resistance level of 103.59.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
