Crude Oil Movement
On Friday, Crude Oil prices advanced 0.53% against the USD for the period ending 21:00GMT, closing at 102.14, as fresh concerns on the supply-outlook of oil were fuelled after rebels again shut Libya’s El Feel oilfield and the El Sharara field and as violence escalated in Ukraine. Adding to the negative sentiment was a report from the International Energy Agency (IEA) that showed Iran’s oil exports declined for the second consecutive month in April.
In the Asian session, at GMT0300, Crude Oil is trading at 102.19, slightly higher from Friday’s close.
Crude oil is expected to find support at 101.64, and a fall through could take it to the next support level of 101.10. Crude oil is expected to find its first resistance at 102.48, and a rise through could take it to the next resistance level of 102.78.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
