Crude Oil Movement
Crude Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 100.82, as fresh US sanctions on Russia fuelled concerns on the supply outlook of crude oil from the region. However, gains in the commodity were capped after reports indicated that Libya lifted force majeure at an eastern oil port of Zueitina to restart oil exports, following a deal with rebels to unblock major terminals.
In the Asian session, at GMT0300, Crude Oil is trading at 100.87, marginally higher from yesterday’s close.
Crude oil is expected to find support at 100.29, and a fall through could take it to the next support level of 99.72. Crude oil is expected to find its first resistance at 101.48, and a rise through could take it to the next resistance level of 102.10.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
