Crude Oil Movement
On Friday, Crude Oil prices declined 0.23% against the USD for the period ending 21:00GMT, closing at 100.04, hurt by a stronger US Dollar. Oil prices also faced some resistance after Libya’s newly elected Prime Minister highlighted his commitment to reach an agreement with rebels to reopen the eastern ports of Ras Lanuf and Es Sider. However, lingering concerns on the supply-outlook of the commodity from Russia and Ukraine region, limited the losses in the prices of crude oil.
In the Asian session, at GMT0300, Crude Oil is trading at 100.07, a tad higher from Friday’s close. However, earlier oil prices came under pressure after Saudi Oil Minister, Ali al-Naimi expressed his nation’s willingness to supply excess oil in the markets should any escalating tensions between Russia and the West over Ukraine crisis lead to a supply shortage in the market.
Crude oil is expected to find support at 99.46, and a fall through could take it to the next support level of 98.85. Crude oil is expected to find its first resistance at 100.93, and a rise through could take it to the next resistance level of 101.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
