Crude Oil Movement
Crude Oil prices advanced 1.14% against the USD for the 24 hour period ending 23:00GMT, closing at 102.66, after the Organization of the Petroleum Exporting Countries (OPEC) reported that the total crude production averaged to 30.05 million barrels per day in September, representing a drop of 390,000 barrels per day from the previous month. Separately, the supply outlook of the commodity from the Middle East region came under pressure after media reports indicated that Libya’s Prime Minister, Ali Zeidan was kidnapped and held for several hours.
In the Asian session, at GMT0300, Crude Oil is trading at 102.74, 0.08% higher from yesterday’s close.
Crude oil is expected to find support at 101.41, and a fall through could take it to the next support level of 100.08. Crude oil is expected to find its first resistance at 103.82, and a rise through could take it to the next resistance level of 104.90.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
