Crude Oil Movement
Crude Oil prices declined marginally against the USD for the 24 hour period ending 23:00GMT, closing at 104.24. However, losses in crude oil prices were kept in check as fresh concerns on the supply outlook of the commodity resurfaced after Ukraine launched attacks on pro-Russian rebels on Monday and as protestors in Libya refused to acknowledge Prime Minister, Ahmed Maiteeq’s Government by warning that its deal to reopen oil ports in the nation could be in jeopardy.
In the Asian session, at GMT0300, Crude Oil is trading at 104.38, 0.13% higher from yesterday’s close.
Crude oil is expected to find support at 104.05, and a fall through could take it to the next support level of 103.73. Crude oil is expected to find its first resistance at 104.57, and a rise through could take it to the next resistance level of 104.77.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
