Crude Oil Movement
Crude Oil prices declined 3.00% against the USD for the 24 hour period ending 23:00GMT, closing at 95.47, amid a broadly stronger US Dollar. Prices of crude oil also came under pressure after media reports highlighted the possibility of Libya restarting crude production at one of its largest oil fields, El Sharara.
In the Asian session, at GMT0400, Crude Oil is trading at 95.35, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 94.09, and a fall through could take it to the next support level of 92.83. Crude oil is expected to find its first resistance at 97.79, and a rise through could take it to the next resistance level of 100.23.
Later today, the Energy Information Administration (EIA) is scheduled to release a report on the US weekly crude inventory.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
