Crude Oil Movement
Oil prices declined 3.67% against the USD for the 24 hour period ending 23:00GMT, closing at 108.99, an African Union delegation arrived in Libya to broker a ceasefire between Muammar Gaddafi and rebel forces, increasing the chances that Libyan crude will return to world markets soon.
Crude prices were also pushed down, on concerns that fuel demand would slow after the International Monetary Fund cut its growth forecasts for the US and Japan, indicating that high crude prices pose a risk to global economic expansion.
At GMT 0300, Oil is trading at USD 108.06 per barrel in the Asian session, 0.85% lower from 23:00GMT.
The pair has its first resistance at 111.43, followed by the next resistance at 114.79. On the other side, the first support is at 106.37, with the subsequent support at 104.67.
The pair is trading well below its 20 Hr and 50 Hr moving averages.
