Crude Oil Movement
On Friday, Crude Oil prices advanced 0.80% against the USD for the period ending 21:00GMT, closing at 101.14, as investors doubted reports that the Libyan ports were about to reopen. Meanwhile, crude prices further received support after the jobs data from the US clarified that the decline in the same data in January and February was purely due to extreme weather and not any major economic weakness.
Additionally, on Friday Britain urged its European Union partners to go ahead with tough economic sanctions against Russia, as large numbers of Russian forces remained on Ukraine’s eastern border, thereby boosting prices of oil.
In the Asian session, at GMT0300, Crude Oil is trading at 100.87, 0.27% lower from Friday’s close, after rebels finally agreed to re-open two of the four blockaded oil terminals in eastern Libya, in the presence of government members and rebel chief Ibrahim Jodhran.
Crude oil is expected to find support at 100.24, and a fall through could take it to the next support level of 99.62. Crude oil is expected to find its first resistance at 101.56, and a rise through could take it to the next resistance level of 102.26.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
