Crude Oil Movement
On Friday, Crude Oil prices rallied 2.08% against the USD for the period ending 21:00GMT, closing at 99.95, after a decline in the US unemployment level to a five year low, renewed optimism about the recovery of the nation. Also, fears of another severe storm in the US boosted the demand for heating fuel and provided support to the crude prices However, prices were capped after the US economy added fewer-than-expected jobs in January.
In the Asian session, at GMT0400, Crude Oil is trading at 99.88, 0.07% lower from Friday’s close.
Crude oil is expected to find support at 97.84, and a fall through could take it to the next support level of 95.80. Crude oil is expected to find its first resistance at 101.19, and a rise through could take it to the next resistance level of 102.50.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
