Crude Oil Movement
Crude Oil prices declined 1.49% against the USD for the 24 hour period ending 23:00GMT, closing at 100.94, after a dismal Chinese trade balance data fuelled fresh concerns on the demand prospect of the commodity. However, losses were reversed as supply concerns arose after reports emerged of some conflicts between Russia and Ukraine.
In the Asian session, at GMT0400, Crude Oil is trading at 101.20, 0.26% higher from yesterday’s close.
Crude oil is expected to find support at 100.55, and a fall through could take it to the next support level of 99.89. Crude oil is expected to find its first resistance at 102.16, and a rise through could take it to the next resistance level of 103.11.
During the later course of the day, the American Petroleum Institute is scheduled to publish a report on the US crude inventories for the week ended 7 March.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
