Crude Oil Movement
Crude Oil prices advanced 0.53% against the USD for the 24 hour period ending 23:00GMT, closing at 100.55, as escalating tensions in Ukraine weighed on the supply-outlook of the commodity. However, Saudi Arabia’s readiness to supply excess oil to compensate a shortage in the market and Libya’s decision to reopen its western oilfields and pipelines, eased some concerns on the supply prospect of the commodity.
In the Asian session, at GMT0300, Crude Oil is trading at 100.57, a tad higher from yesterday’s close.
Crude oil is expected to find support at 100.06, and a fall through could take it to the next support level of 99.56. Crude oil is expected to find its first resistance at 101.00, and a rise through could take it to the next resistance level of 101.44.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
