Crude Oil Movement
On Friday, Crude Oil prices advanced 0.31% against the USD for the period ending 21:00GMT, closing at 101.67 as an upbeat rise in the US consumer spending for February bolstered the demand-outlook of the commodity in the nation. Meanwhile, a 3.1% rise in China’s apparent oil demand also supported crude oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 101.45, 0.22% lower from Friday’s close, as diplomatic talks between the US and Russia over Ukraine crisis eased some concerns on the supply outlook of the commodity.
Crude oil is expected to find support at 101.10, and a fall through could take it to the next support level of 100.75. Crude oil is expected to find its first resistance at 102.02, and a rise through could take it to the next resistance level of 102.59.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
