Crude Oil Movement
Crude Oil prices declined 0.39% against the USD for the 24 hour period ending 23:00GMT, closing at 103.41, in the wake of an announcement by Libya’s Oil ministry that the nation had almost 7.5 million barrels ready to export from its Es Sider and Ras Lanuf terminals. Moreover, reports emerged that the sectarian violence in Iraq, OPEC’s second-largest producer has not spread towards the south, where majority of its crude supplies are located.
In the Asian session, at GMT0300, Crude Oil is trading at 103.41, unchanged from yesterday’s close.
Crude oil is expected to find support at 103.04, and a fall through could take it to the next support level of 102.68. Crude oil is expected to find its first resistance at 103.92, and a rise through could take it to the next resistance level of 104.44.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
