Crude Oil Movement
Crude Oil prices marginally advanced against the USD for the 24 hour period ending 23:00GMT, closing at 101.42. However, the gains were pared after the Chicago purchasing managers’ index declined more-than-expected in March and as concerns on Ukraine crisis eased after the US and Russia agreed to work towards a diplomatic solution.
In the Asian session, at GMT0300, Crude Oil is trading at 101.34, 0.08% lower from yesterday’s close, following a mixed batch of manufacturing PMI data from China, the world’s second largest consumer of crude oil.
Crude oil is expected to find support at 100.82, and a fall through could take it to the next support level of 100.31. Crude oil is expected to find its first resistance at 101.91, and a rise through could take it to the next resistance level of 102.49.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
