Crude Oil Movement
Oil prices advanced 1.65% against the USD for the 24 hour period ending 23:00GMT on Friday, closing at 107.20, after reports showed that Saudi Arabian crude output rose to the strongest level since 1980.
Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, reported that the nation has pumped 9.87 million barrels per day in January, hinting that global demand for the oil is rising.
Separately, the American Petroleum Institute in its monthly report stated that the US fuel demand dropped 2.3% in February from a year earlier, to 18.426 million barrels per day, as consumption of residual oil fell due to falling prices for competing natural gas.
In the Asian session, at GMT0400, Crude Oil is trading at 107.32, 0.11% higher from Friday’s close.
Crude oil is expected to find support at 105.81, and a fall through could take it to the next support level of 104.29. Crude oil is expected to find its first resistance at 108.16, and a rise through could take it to the next resistance level of 108.99.
Crude oil is trading well above its 20 Hr and 50 Hr moving averages.
