Crude Oil Movement
Crude Oil prices declined 0.99% against the USD for the 24 hour period ending 23:00GMT, closing at 105.61, amid profit-taking and as concerns on the supply-outlook of the commodity from the Middle East region eased after United Nations’ Nickolay Mladenov confirmed that oil production at Iraq’s southern oilfields remained unaffected and following another report that showed Libya produced 300,000 barrels a day of oil as its El Feel field increased production to 105,000 bpd.
In the Asian session, at GMT0300, Crude Oil is trading at 105.75, 0.13% higher from yesterday’s close.
Crude oil is expected to find support at 104.93, and a fall through could take it to the next support level of 104.10. Crude oil is expected to find its first resistance at 106.68, and a rise through could take it to the next resistance level of 107.60.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
