Crude Oil Movement
Crude Oil prices advanced 0.15% against the USD for the 24 hour period ending 23:00GMT, closing at 99.37, after media reports showed that a collision between vessels lead to an oil spill into the Houston Ship Channel on Saturday. Meanwhile, lingering concerns of the potential impact of sanctions on Russia also supported the prices of crude oil.
In the Asian session, at GMT0400, Crude Oil is trading at 99.52, 0.15% higher from yesterday’s close.
Crude oil is expected to find support at 98.95, and a fall through could take it to the next support level of 98.38. Crude oil is expected to find its first resistance at 100.19, and a rise through could take it to the next resistance level of 100.86.
Later today, the American Petroleum Institute (API) is scheduled to release a report on the US crude stockpiles for the week ended 21 March.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
