WTI Crude Oil (USO, quote) prices moved slightly higher during overnight trading in Asia. Volume remains light as we approach the U.S. first trading of the week with New Zealand and Australia closed for holiday.

At the time of writing crude prices are trading at $103.13 with price drifting lower during the transition shift from overnight to the U.S. The overnight session saw price as high as $103.93.

Crude Oil traded near 6 week highs on improving U.S. economic last week, however, the bulk the price premium continues to come from the turmoil in the Ukraine and Russia (RSX, quote) sanctions.

Russia’s President Putin warned Russia can easily stop exporting crude oil in less than a month. Russia is the world largest exporter of energy.

With Euro Zone and U.K remain on holiday for Easter Monday we won’t get a good look at price action in crude oil until U.S. energy pits open today.

Our preference this morning crude oil at the open is to look for short position as long as price remains below the $105 resistance level with targets around the $102.90 support and then again at $102 level.

On the flip side if price breaks above $105 resistance we want to look for upside to $105.75 and again at $106.10. It will take a lot more momentum to move the needle to the upside.

Equity only readers can gain exposure to WTI Crude Oil through the United States Oil Fund (USO, quote) ETF that seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil.

The USO will invest in futures contracts for WTI light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas and other petroleum based-fuels that are traded on exchanges. It may also invest in other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and OTC transactions that are based on the price of oil.