Crude Oil Movement
Crude Oil prices marginally advanced against the USD for the 24 hour period ending 23:00GMT, closing at 104.26, as a strong US CB leading economic indicator bolstered the demand outlook of the commodity in the nation. Meanwhile, lingering tensions between the US and Russia over Ukraine further supported the prices of oil.
In the Asian session, at GMT0300, Crude Oil is trading at 104.25, tad lower from yesterday’s close.
Crude oil is expected to find support at 103.81, and a fall through could take it to the next support level of 103.37. Crude oil is expected to find its first resistance at 104.73, and a rise through could take it to the next resistance level of 105.21.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
