Crude Oil: Crude oil rises as China returns to surplus in March

Crude Oil: Crude oil rises as China returns to surplus in March

Crude Oil Movement

Oil prices advanced 0.14% against the USD for the 24 hour period ending 23:00GMT, closing at 102.34.

Investors remain cautious ahead of talks taking place in Turkey on April 13 and 14 between Iran and major global powers, including the US and China over the country’s nuclear program.

Separately, the investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.

In the Asian session, at GMT0300, Crude Oil is trading at 102.67, 0.32% higher from yesterday’s close, after China swung back to a trade surplus in March, following a deficit of $31.48 billion in February.

Crude oil is expected to find support at 101.38, and a fall through could take it to the next support level of 100.10. Crude oil is expected to find its first resistance at 103.38, and a rise through could take it to the next resistance level of 104.10.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

Contributed by GCI Trading

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