Crude Oil Movement
Crude Oil prices advanced 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 102.46, paring its initial losses, triggered by easing supply concerns on crude oil. Yesterday, reports revealed that Libya’s output expanded to 171,000 barrels a day as protests at oil fields in the central regions ended and after Ukraine’s President, Petro Poroshenko, indicated that he might discuss a peace plan with Western powers to put an end to tensions between his country and Russia.
In the Asian session, at GMT0300, Crude Oil is trading at 102.47, a tad higher from yesterday’s close.
Crude oil is expected to find support at 101.82, and a fall through could take it to the next support level of 101.16. Crude oil is expected to find its first resistance at 102.91, and a rise through could take it to the next resistance level of 103.34.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
