Crude Oil Movement
On Friday, Crude Oil prices advanced 0.75% against the USD for the period ending 21:00GMT, closing at 102.55, as lingering concerns over Ukraine supported the prices of the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 102.43, 0.12% lower from Friday’s close, as a lacklustre Chinese trade balance data sparked concerns on the demand-outlook of commodity in the second-largest consumer of crude oil. However, escalating protest in Libya over the nation’s oil wealth kept the commodity’s losses in check.
Crude oil is expected to find support at 101.70, 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 103.04, and a rise through could take it to the next resistance level of 103.64.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
