Crude Oil Movement
Crude Oil prices shed 1.04% against the USD for the 24 hour period ending 23:00GMT, closing at 103.01, hurt by a stronger US Dollar. Crude prices also came under pressure after the American Petroleum Institute (API) reported a 3.5 million barrels rise in the US commercial crude oil inventories, last week. Analysts had projected a gain of 500,000 barrels in the US crude supplies. However, losses in oil prices were limited after reports showed that protestors disrupted oil exports from a recently reopened Hariga oil port in eastern Libya.
In the Asian session, at GMT0300, Crude Oil is trading at 102.93, 0.08% lower from yesterday’s close, ahead of Energy Information Administration’s (EIA) weekly report on the US crude supplies.
Crude oil is expected to find support at 102.25, and a fall through could take it to the next support level of 101.57. Crude oil is expected to find its first resistance at 104.00, and a rise through could take it to the next resistance level of 105.07.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
