Crude Oil Movement
Crude Oil prices advanced 2.35% against the USD for the 24 hour period ending 23:00GMT, closing at 103.79, as supply concerns rose after geopolitical tensions in Ukraine and Israel escalated. Oil prices were further boosted after prospect of increased European demand for refined products from the United States.
In the Asian session, at GMT0300, Crude Oil is trading at 103.74, 0.05% lower from yesterday’s close.
Crude oil is expected to find support at 102.03, and a fall through could take it to the next support level of 100.31. Crude oil is expected to find its first resistance at 104.70, and a rise through could take it to the next resistance level of 105.65.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
