Crude Oil Movement
On Friday, Crude Oil prices declined 1.59% against the USD for the period ending 21:00GMT, closing at 104.59, as concerns over crude oil supply from the Middle East region declined after the Organization for the Prohibition of Chemical Weapons stated that it has received an initial disclosure from the Syrian government of its chemical weapons program and after two officials from the oil ministry revealed that Iraqi crude production capacity will exceed 3.6 million barrels a day by the end of the year.
In the Asian session, at GMT0300, Crude Oil is trading at 104.72, 0.12% higher from Friday’s close.
Crude oil is expected to find support at 103.87, and a fall through could take it to the next support level of 103.03. Crude oil is expected to find its first resistance at 106.01, and a rise through could take it to the next resistance level of 107.31.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
