Crude Oil Movement
Oil prices declined 0.58% against the USD for the 24 hour period ending 23:00GMT, closing at 106.57, after world’s second-largest crude consumer, China, reported its biggest monthly trade deficit in at least 22 years for February, indicating further slowdown in global economic growth.
Oil declined further as International Energy Forum’s (IEF) Secretary General, Aldo Flores- Quiroga, stated that the market is well-supplied by the crude oil, easing the supply concern.
In the Asian session, at GMT0400, Crude Oil is trading at 106.95, 0.36% higher from yesterday’s close.
Crude oil is expected to find support at 105.89, and a fall through could take it to the next support level of 104.82. Crude oil is expected to find its first resistance at 107.51, and a rise through could take it to the next resistance level of 108.06.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
