Crude Oil Movement
Crude Oil prices rallied 1.80% against the USD and closed at 104.51 for the 24 hour period ending 23:00GMT, buoyed by a strong Chinese trade balance data and amid speculation that a government report would show a further decline in the US crude supplies this week. Separately, the Canadian Association of Petroleum Producers (CAPP) slashed its long-term forecast on Canadian oil production to 6.4 million barrels per day in 2030, compared to 3.5 million bpd in 2013.
In the Asian session, at GMT0300, Crude Oil is trading at 104.70, 0.18% higher from yesterday’s close.
Crude oil is expected to find support at 103.34, and a fall through could take it to the next support level of 101.99. Crude oil is expected to find its first resistance at 105.45, and a rise through could take it to the next resistance level of 106.21.
Traders are expected to keep a close tab on the outcome of the Organization of the Petroleum Exporting Countries (OPEC) meeting this week.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
