Crude Oil Movement
Crude Oil prices declined 0.37% against the USD for the 24 hour period ending 23:00GMT, closing at 99.41, after data showed that manufacturing activities in China, the world’s second largest consumer of crude oil, contracted for a fourth consecutive month in April. However, escalation unrest in Ukraine weighed on the supply-outlook of the commodity and kept its losses in check.
In the Asian session, at GMT0300, Crude Oil is trading at 99.41, flat from yesterday’s close.
Crude oil is expected to find support at 98.73, and a fall through could take it to the next support level of 98.06. Crude oil is expected to find its first resistance at 100.26, and a rise through could take it to the next resistance level of 101.12.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
