Crude oil is trading above $100.0. Traders eye today's Fed chairwoman first semi-annual monetary policy report and Wednesday's inventory report from the US Energy Information Administration. These are the key triggers for the further move. Oil production of the Organization of the Petroleum Exporting Countries framed higher to 29.87 million barrels a day. Libyan production rose to 530,000 barrels a day in the month of January. Analysts pointed rise in crude oil futures to a mixed trend in Asia trade following a disappointing US job data.
Technical factors- In the H4 chart the price breaks the upper trend line and moving higher above the $100.0 mark. RSI is at 66 levels, very close to the overbought levels. But in the hourly chart RSI is framing a negative divergence resulted in the price comedown first before any further upmove.
Intra support- $99.5, $99.0.
Resistance- $100.5.
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