Crude Oil Movement
Crude Oil prices marginally advanced against the USD for the 24 hour period ending 23:00GMT, closing at 98.14, amid lingering concerns on Ukraine crisis. Meanwhile crude prices were supported after upbeat data from the US raised expectations that the demand for fuel would be stronger. However, the gains were capped as the latest batch of soft economic releases from China weighed on the demand-outlook of the commodity. Additionally, oil prices lost further momentum after an official data revealed yesterday that China refined the least crude in four months.
In the Asian session, at GMT0400, Crude Oil is trading at 98.18, slightly higher from yesterday’s close.
Crude oil is expected to find support at 97.70, and a fall through could take it to the next support level of 97.22. Crude oil is expected to find its first resistance at 98.63, and a rise through could take it to the next resistance level of 99.08.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
