Recent weak economic data and mounting signs of financial risks have dimmed the outlook for China the world's second-largest economy, sparking talk of imminent government action or even a mini-stimulus plan to shore up growth. Any monetary stimulus by China will shore up the demand for commodities including Crude Oil and act as a positive factor for prices. Oil prices will continue to draw support from the Ukraine crisis, with the United States and the European Union agreeing to work together to prepare tougher economic sanctions in response to Russia's behavior in Ukraine and to make Europe less dependent on Russian gas. On the other hand, Iraqi exports are due to get an additional boost next month from Kurdistan, which recently agreed to resume pumping 100,000 bpd as a "gesture of goodwill" aimed at easing a dispute with the federal government in Baghdad. Supplies from Iraq to increase and this will cap sharp gains in prices.
Technically the Crude oil is moving higher to its major resistance level of 105.20 level and we can see a sharp sell of from the 105.20 major resistance level on the crude oil. A good opportunity for traders to sell Crude at the 105.20 level.