Crude Oil Movement
Oil prices declined 1.79% against the USD on Friday for the 24 hour period ending 23:00GMT, closing at 101.52, after Libya’s foreign minister stated that the country would abide by the UN Security Council resolution and impose an immediate cease fire.
However, At GMT 0400, Oil is trading at USD 102.91 per barrel in the Asian session, 1.37% higher from 23:00GMT, as allied strikes at targets in Libya threatened to prolong the shutdown of supplies from North Africa’s third-biggest producer and renewed concern escalating turmoil may disrupt Middle East supplies.
The pair has its first resistance at 104.23, followed by the next resistance at 105.56. On the other side, the first support is at 100.86, with the subsequent support at 98.82.
The pair is trading just above its 20 Hr and 50 Hr moving averages.
