Crude Oil Movement
Crude Oil prices declined 1.84% against the USD for the 24 hour period ending 23:00GMT, closing at 106.28, as an increase in Libya’s oil output and Syrian President Bashar al-Assad’s assurance to co-operate with international powers to surrender the nation’s chemical weapons, eased supply concerns from the Middle East region.
Yesterday, Libya’s Oil Ministry’s Director of Measurement, Ibrahim Al Awami, said that oil production should rise to 800,000 barrels a day and confirmed that export terminals of Brega, Zawiya and Mellitah are operational.
In the Asian session, at GMT0300, Crude Oil is trading at 106.14, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 105.10, and a fall through could take it to the next support level of 104.07. Crude oil is expected to find its first resistance at 108.08, and a rise through could take it to the next resistance level of 110.03.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
