Oil prices declined 2.07% against the USD for the 24 hour period ending 23:00GMT, closing at 103.30, after French Prime Minister, Francois Fillon stated there is a good chance of a US-Europe accord on a release strategic petroleum reserves.
Additionally, assurance from Saudi Arabian oil minister, Ali al-Naimi, that his nation would be able to increase oil production to check soaring prices also pushed oil prices lower.
In the Asian session, at GMT0300, Crude Oil is trading at 103.51, 0.2% higher from yesterday’s close, as bargain buyers brought the oil back into positive territory in early Asian trading.
Crude oil is expected to find support at 101.86, and a fall through could take it to the next support level of 100.21. Crude oil is expected to find its first resistance at 105.43, and a rise through could take it to the next resistance level of 107.35.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
