Crude Oil Movement
On Friday, Crude Oil prices declined 0.94% against the USD for the period ending 21:00GMT, closing at 102.81, despite renewed tensions in Ukraine, Libya and Israel.
Over the weekend, violence in Libya resurfaced after rival militia battled for control of Tripoli airport, renewing concerns about its recent declaration of resuming its crude exports. Moreover, the advance of ISIS-led insurgents in the north and west of the Iraq further added to fears of disruption of oil supplies from OPEC’s second-largest producer.
Oil prices also came under pressure after downbeat consumer sentiment and leading economic index from the US threatened the economic outlook of the world’s largest oil consumer.
In the Asian session, at GMT0300, Crude Oil is trading at 102.92, 0.11% higher from Friday’s close.
Crude oil is expected to find support at 102.39, and a fall through could take it to the next support level of 101.85. Crude oil is expected to find its first resistance at 103.65, and a rise through could take it to the next resistance level of 104.37.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
