Crude oil fell as news about protests in Saudi Arabia pulled crude
prices off lows. Oil prices were pressured by a stronger dollar, China's
unexpected trade deficit and a rise in initial jobless claims in the
United States. The International Energy Agency said crude exports from
Libya have slowed sharply in the past week, to well below the 500,000
bpd reported last Friday. Now technically market is trading in the range
as RSI for 18days is currently indicating 60.2, where as 50DMA is at
4300.5 and crude is trading above the same and getting support at 4533
and below could see a test of 4456 level, And resistance is now likely
to be seen at 4720, a move above could see prices testing 4830.
Crude trading range is 4456-4830.
Crude oil fell pressured by a stronger dollar and China's unexpected trade deficit
Crude oil looks to get resistance at 4635 and support is seen at 4570 level.
International Energy Agency said crude exports from Libya have slowed sharply in the past week