Crude Oil Movement
On Friday, Crude Oil prices advanced 0.33% against the USD for the period ending 21:00GMT, closing at 102.80, as strong economic releases from the US economy bolstered the demand outlook of the commodity in the world’s largest consumer. However, concerns on the supply prospects of the commodity from the Russia-Ukraine region eased as reports indicated that Russian President, Vladimir Putin and Ukrainian President, Petro Poroshenko held their first face-to-face talks on Friday to discuss a possible ceasefire agreement in Ukraine.
In the Asian session, at GMT0300, Crude Oil is trading at 102.88, 0.08% higher from Friday’s close.
Earlier, during the weekend, China, world’s second largest consumer of crude oil, reported that its trade surplus widened more than market expectations in May on the back of strong exports. However, crude oil imports in the nation dropped in May to 6.17 million barrels a day, even as imports of crude oil in the first five months of the year rose 11.1% to 128.7 million tonnes.
Crude oil is expected to find support at 102.43, and a fall through could take it to the next support level of 101.98. Crude oil is expected to find its first resistance at 103.20, and a rise through could take it to the next resistance level of 103.52.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
