Crude Oil Movement
Crude Oil prices declined 0.36% against the USD for the 24 hour period ending 23:00GMT, closing at 102.08, amid speculation that a retreating winter in the US would lower demand for heating fuels in the largest consumer of crude oil in the world. Meanwhile, concern over the consumption outlook of the world’s second-biggest oil consumer, China, amid tighter lending in the country also weighed on crude prices.
However, escalating tensions in Ukraine kept the commodity’s losses in check.
In the Asian session, at GMT0400, Crude Oil is trading at 102.00, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 101.47, and a fall through could take it to the next support level of 100.95. Crude oil is expected to find its first resistance at 102.80, and a rise through could take it to the next resistance level of 103.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
