Crude Oil Movement
Crude Oil prices advanced 1.06% against the USD for the 24 hour period ending 23:00GMT, closing at 104.67 as escalating tensions between Ukraine and Russia weighed on the supply-outlook of the commodity. Meanwhile, cold weather in the US bolstered the demand-outlook of heating fuels.
In the Asian session, at GMT0400, Crude Oil is trading at 104.70, marginally higher from yesterday’s close.
Crude oil is expected to find support at 103.83, and a fall through could take it to the next support level of 102.97. Crude oil is expected to find its first resistance at 105.39, and a rise through could take it to the next resistance level of 106.09.
Later today, the American Petroleum Institute (API) is scheduled to release a report on the US weekly crude inventories for the week ended 28 February.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
