Crude Oil Movement
Crude Oil prices declined 2.15% against the USD for the 24 hour period ending 23:00GMT, closing at 101.00 after the Energy Information Administration (EIA) reported 1.4 million barrels rise in the weekly US crude inventories for the week ended 28 February. Meanwhile, easing concerns on Ukraine crisis also weighed on the prices of crude oil.
In the Asian session, at GMT0400, Crude Oil is trading at 101.10, 0.10% higher from yesterday’s close.
Crude oil is expected to find support at 100.13, and a fall through could take it to the next support level of 99.16. Crude oil is expected to find its first resistance at 102.79, and a rise through could take it to the next resistance level of 104.48.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
