Crude Oil Movement
On Friday, Crude Oil prices advanced 0.78% against the USD for the period ending 21:00GMT, closing at 99.46, amid a weakness in the US Dollar. Meanwhile, fresh US and European sanctions on Russia weighed on the supply outlook of the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 99.20, 0.26% lower from Friday’s close, after data from China, the world’s second-largest consumer of crude oil showed that factory production in the nation contracted for a third month in March.
Crude oil is expected to find support at 98.22, and a fall through could take it to the next support level of 97.23. Crude oil is expected to find its first resistance at 100.22, and a rise through could take it to the next resistance level of 101.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
