Crude Oil Movement
Oil prices declined 1.48% against the USD for the 24 hour period ending 23:00GMT, closing at 103.86, after Libyan rebels advanced against Muammar Qaddafi’s troops, bolstering speculation the conflict in Africa’s third-largest crude producer may be resolved soon.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
At GMT 0300, Oil is trading at USD 103.41 per barrel in the Asian session, 0.43% lower from 23:00GMT.
The pair has its first resistance at 104.88, followed by the next resistance at 106.34. On the other side, the first support is at 102.56, with the subsequent support at 101.70.
The pair is trading below its 20 Hr and 50 Hr moving averages.
