Crude Oil Movement
Crude Oil prices advanced 0.78% against the USD for the 24 hour period ending 23:00GMT, closing at 101.79, buoyed by a weakness in the US Dollar against most of its major peers. Oil prices also benefited from comments of the US President, Barack Obama, who indicated that the US and its allies would continue pressurising Russia to back off from issues related to Ukraine.
In the Asian session, at GMT0400, Crude Oil is trading at 101.79, flat from yesterday’s close.
Crude oil is expected to find support at 100.59, and a fall through could take it to the next support level of 99.38. Crude oil is expected to find its first resistance at 102.54, and a rise through could take it to the next resistance level of 103.28.
Crude oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
