Crude Oil Movement
On Friday, Crude Oil prices declined 1.26% against the USD for the period ending 21:00GMT, closing at 100.60, on profit-taking and amid lingering concerns over US crude stockpiles gain. However, losses in the commodity were kept in check after the West threatened to impose more intense sanctions on Russia and after reports highlighted Libyan rebels’ refusal to reopen the Ras Lanuf and Es Sider terminals in the nation.
In the Asian session, at GMT0300, Crude Oil is trading at 100.86, 0.26% higher from Friday’s close.
Crude oil is expected to find support at 100.22, and a fall through could take it to the next support level of 99.58. Crude oil is expected to find its first resistance at 101.76, and a rise through could take it to the next resistance level of 102.66.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
