Crude Oil Movement
On Friday, Crude Oil prices declined 1.04% against the USD for the period ending 21:00GMT, closing at 96.47, on rising speculation that the Federal Reserve would announce a pullback in its bond-buying program in its policy meeting.
In the Asian session, at GMT0400, Crude Oil is trading at 96.44, marginally lower from Friday’s close.
However, supply concerns rose after the Libya militia leader refused to reopen oil ports during the weekend, thereby dimming the prospects for ports in eastern Libya to resume exports.
Crude oil is expected to find support at 95.93, and a fall through could take it to the next support level of 95.41. Crude oil is expected to find its first resistance at 97.29, and a rise through could take it to the next resistance level of 98.13.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
