Crude Oil Movement
On Friday, Crude Oil prices advanced 0.37% against the USD for the period ending 21:00GMT, closing at 102.46, as an upbeat rise in the US Chicago PMI bolstered the demand-outlook of the commodity in the nation.
During the weekend, a report from Iraq showed that oil exports from the nation surged to 2.8 million barrels per day in February, around half million barrels more compared to the previous month’s export.
In the Asian session, at GMT0400, Crude Oil is trading at 103.79, 1.30% higher from Friday’s close, as escalating tension in Ukraine boosted demand for crude oil. Positive sentiment for the commodity was also fuelled after a leading broking house upgraded its average price forecast on the commodity for 2014 to $99.0 per barrel from the earlier estimated $97.0.
Crude oil is expected to find support at 102.18, and a fall through could take it to the next support level of 100.56. Crude oil is expected to find its first resistance at 105.03, and a rise through could take it to the next resistance level of 106.26.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
