Crude Oil Movement
On Friday, Crude Oil prices declined 0.11% against the USD for the period ending 21:00GMT, closing at 101.94, after a sharp decline in the average US price of gasoline offset the supply concerns arising from escalating violence in Gaza, Libya and Ukraine. Speculations that the economic growth data from the US to be released later this week would indicate slowing growth in the world’s largest oil consumer further weighed on the prices of oil.
Data revealed that the average price of a gallon of gasoline in the US dropped by 9 cents in the past two weeks, its first big drop in a year, amid ample supply and high inventories.
In the Asian session, at GMT0300, Crude Oil is trading at 101.56, 0.37% lower from Friday’s close.
Crude oil is expected to find support at 100.86, and a fall through could take it to the next support level of 100.17. Crude oil is expected to find its first resistance at 102.39, and a rise through could take it to the next resistance level of 103.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
