Crude Oil Movement
Crude Oil prices advanced 0.23% against the USD for the 24 hour period ending 23:00GMT, closing at 102.61, as production outages in Libya and fresh round of bombing and shooting in Iraq weighed on the supply-outlook of the commodity from the Middle East region.
In the Asian session, at GMT0400, Crude Oil is trading at 102.47, 0.14% lower from yesterday’s close.
Crude oil is expected to find support at 101.81, and a fall through could take it to the next support level of 101.15. Crude oil is expected to find its first resistance at 103.29, and a rise through could take it to the next resistance level of 104.11.
Traders are expected to keep a close watch on the American Petroleum Institute’s (API) weekly US crude inventory report, scheduled for release later today.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
