Crude Oil Movement
Crude Oil prices declined 0.08% against the USD for the 24 hour period ending 23:00GMT, closing at 104.09, amid news that the risk of supply disruptions in Iraq has subsided and two key terminals in Libya may reopen at the earliest, which would increase the nation’s crude exports by almost 500,000 barrels a day.
Separately, the US EIA reported that Texas in the USA is producing around 3 million barrels of crude oil each day, which is almost equal to the production level of Iraq, the second-largest oil producer in the OPEC.
In the Asian session, at GMT0300, Crude Oil is trading at 103.90, 0.18% lower from yesterday’s close.
Crude oil is expected to find support at 103.63, and a fall through could take it to the next support level of 103.35. Crude oil is expected to find its first resistance at 104.22, and a rise through could take it to the next resistance level of 104.53.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
