Crude Oil Movement
Crude Oil prices advanced 1.05% against the USD for the 24 hour period ending 23:00GMT, closing at 100.36, amid lingering concerns over talks between the Libyan government and rebels for reopening oil ports in the nation. Crude prices also found support from a report that showed oil exports from southern Iraq dropped to an average of 2.424 million barrels per day in March. Meanwhile, tensions between Ukraine and Russia escalated after Russia raised gas prices for Ukraine for the second time this week on Thursday.
In the Asian session, at GMT0300, Crude Oil is trading at 100.33, slightly lower from yesterday’s close.
Crude oil is expected to find support at 99.44, and a fall through could take it to the next support level of 98.54. Crude oil is expected to find its first resistance at 100.86, and a rise through could take it to the next resistance level of 101.38.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
