Crude Oil Movement
Crude Oil prices advanced 0.29% against the USD for the 24 hour period ending 23:00GMT, closing at 101.87, as growing tensions between Russia and Ukraine raised concerns on the supply outlook of the commodity from the region. Meanwhile, strong economic data from the US bolstered the demand prospect of the commodity in the nation which is known as the largest consumer of crude oil in the world. Separately, crude prices also gained some support from reports that highlighted the unwillingness of rebels to vacate several oil ports in eastern Libya.
In the Asian session, at GMT0300, Crude Oil is trading at 101.99, 0.12% higher from yesterday’s close.
Crude oil is expected to find support at 101.48, and a fall through could take it to the next support level of 100.96. Crude oil is expected to find its first resistance at 102.43, and a rise through could take it to the next resistance level of 102.86.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
