Crude Oil Movement
Crude Oil prices rose 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 106.26, as concerns on supply disruptions erupted, after news emerged that Libya shut its biggest oil export terminal and as North Sea production was curtailed.
Ahead in the week, the American Petroleum Institute and the Energy Information Administration would releases data on the US oil inventories.
In the Asian session, at GMT0300, Crude Oil is trading at 106.23, marginally lower from yesterday’s close.
Crude oil is expected to find support at 105.35, and a fall through could take it to the next support level of 104.48. Crude oil is expected to find its first resistance at 106.78, and a rise through could take it to the next resistance level of 107.34.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
