Crude Oil Movement
Crude Oil prices declined 0.48% against the USD for the 24 hour period ending 23:00GMT, closing at 105.54, as lingering optimism on the US-Russia deal for disarming Syrian regime of its chemical weapon and a recovery in Libya’s oil production, eased supply concern from the Middle East region.
News report stated that production resumed at the El Feel and Sharara fields after Libya lifted force majeure at its Zawiya and Mellitah terminals amid “improving conditions”.
The crude oil prices were little changed after the American Petroleum Institute reported that the US crude supply declined by 252,000 barrels in the week ended September 13, 2013.
In the Asian session, at GMT0300, Crude Oil is trading at 105.59, marginally higher from yesterday’s close.
Crude oil is expected to find support at 104.88, and a fall through could take it to the next support level of 104.16. Crude oil is expected to find its first resistance at 106.37, and a rise through could take it to the next resistance level of 107.14.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
