Crude Oil Movement
On Friday, Crude Oil prices advanced 0.74% against the USD for the period ending 21:00GMT, closing at 98.89, as tensions in Ukraine weighed on the supply outlook of the commodity. Positive sentiment was also fuelled after the International Energy Agency (IEA), in its monthly report, raised its forecast on global oil demand by 1.4 million barrels a day this year to a record 92.7 million barrels. The IEA’s report also showed that oil supplies rose by 600,000 barrels a day in February to 92.81 million barrels a day.
In the Asian session, at GMT0400, Crude Oil is trading at 99.12, 0.23% higher from Friday’s close, amid speculation that Crimea’s vote to join Russia might fuel fresh tensions between Russia and the West.
Crude oil is expected to find support at 98.33, and a fall through could take it to the next support level of 97.54. Crude oil is expected to find its first resistance at 99.65, and a rise through could take it to the next resistance level of 100.18.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
