Crude Oil Movement
On Friday, Crude Oil prices declined 0.54% against the USD for the period ending 21:00GMT, closing at 102.25, as traders continued to digest a rise in the weekly EIA crude supply data for the week ended 14 February and amid downbeat home sales data that strengthened speculations that the economic recovery in the US was losing momentum.
In the Asian session, at GMT0400, Crude Oil is trading at 102.43, 0.18% higher from Friday’s close, as investors speculated that cold weather in the US would boost demand and after media reports from Libya showed that crude production in the nation fell to 231,000 barrels per day.
Crude oil is expected to find support at 101.81, and a fall through could take it to the next support level of 101.20. Crude oil is expected to find its first resistance at 102.92, and a rise through could take it to the next resistance level of 103.42.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
