Crude Oil Movement
Crude Oil prices advanced 1.02% against the USD for the 24 hour period ending 23:00GMT, closing at 103.37, amid broad weakness in the US Dollar and lingering tensions between Russia and the West over Ukraine. Oil prices also found some support after Libya’s oil protection force stated that it had not regained full control of the Zueitina port from the rebels. However, the gains were limited after the Energy Information Administration (EIA) reported a more-than-expected rise of 4.03 million barrels in the US crude stockpiles last week. Analysts were looking for a climb of 2.5 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.25, 0.12% lower from yesterday’s close, following an unexpected drop in China’s exports and imports data for March.
Crude oil is expected to find support at 102.26, and a fall through could take it to the next support level of 101.28. Crude oil is expected to find its first resistance at 104.00, and a rise through could take it to the next resistance level of 104.76.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
