Crude Oil Movement
Crude Oil prices advanced 0.93% against the USD for the 24 hour period ending 23:00GMT, closing at 107.03, as Iraqi government troops continued to battle Sunni insurgents for control of the nation’s largest refinery in north of Baghdad and after media reports showed that Libya’s eastern oil export port of Hariga, that had reopened over the weekend, closed again due to protest by workers. Separately, reports showed that the US Commerce Department allowed two US companies to export a type of ultra-light oil. However, gains in crude oil prices were capped after the American Petroleum Institute (API) reported that the US crude inventories rose by 4.0 million barrels to 382.6 million barrels for the week ended 20 June 2014 and as an official from Saudi Arabia highlighted the nation’s willingness to produce additional crude oil should ongoing unrest in other OPEC nations disrupt oil supplies.
In the Asian session, at GMT0300, Crude Oil is trading at 106.73, 0.28% lower from yesterday’s close.
Crude oil is expected to find support at 105.67, and a fall through could take it to the next support level of 104.60. Crude oil is expected to find its first resistance at 107.65, and a rise through could take it to the next resistance level of 108.56.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
