Crude Oil Movement
Crude Oil prices declined 0.26% against the USD for the 24 hour period ending 23:00GMT, closing at 100.79, as concerns on the supply-outlook of the commodity eased after media reports showed that Libyan rebels surrendered control of two oil ports to the government yesterday.
In the Asian session, at GMT0300, Crude Oil is trading at 100.94, 0.15% higher from yesterday’s close, ahead of the American Petroleum Institute’s (API) weekly report on the US crude inventories.
Crude oil is expected to find support at 100.13, and a fall through could take it to the next support level of 99.33. Crude oil is expected to find its first resistance at 101.53, and a rise through could take it to the next resistance level of 102.13.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
