Crude Oil Movement
Oil prices advanced 6.61% against the USD for the 24 hour period ending 23:00GMT, closing at 103.37, after the United Nations Security Council authorized military strikes on Libya, and as US and European officials stated that the air attacks against Col. Moammar Gadhafi’s forces were possible “within hours.”
At GMT 0400, Oil is trading at USD 103.17 per barrel in the Asian session, 0.19% lower from 23:00GMT.
The pair has its first resistance at 105.38, followed by the next resistance at 107.60. On the other side, the first support is at 99.24, with the subsequent support at 95.32.
The pair is trading well above its 20 Hr and 50 Hr moving averages.
