Crude Oil Movement
Crude Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 100.26, as higher demand prospects due to a cold weather in the US more than offset the nation’s dismal economic data released yesterday. Furthermore, the ongoing protests in Libya spurred a decline in crude production from the Sharara field, thereby supporting crude prices.
Meanwhile, the International Energy Agency (IEA) urged the OPEC to skip a seasonal output drop, due to the surging demand from emerging economies.
In the Asian session, at GMT0400, Crude Oil is trading at 100.29, slightly higher from yesterday’s close.
Crude oil is expected to find support at 99.57, and a fall through could take it to the next support level of 98.86. Crude oil is expected to find its first resistance at 100.83, and a rise through could take it to the next resistance level of 101.38.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
