Crude Oil Movement
Crude Oil prices declined 0.66% against the USD for the 24 hour period ending 23:00GMT, closing at 106.70, as traders booked profits amid bets that the recent gains in oil prices were overdone. Additionally, concerns over the supply-outlook of the commodity from the Middle East region eased after the Iraqi government deployed extra security personnel around oil infrastructure and oilfields to help protect them from Sunni Muslim insurgents and as Libya’s western El Feel oilfield resumed production following two months of closure, due to protest. Separately, the Energy Information Administration (EIA) reported that US oil exports stood at 268,000 barrels per day in April, the highest in 15 years.
In the Asian session, at GMT0300, Crude Oil is trading at 106.64, 0.06% lower from yesterday’s close.
Crude oil is expected to find support at 106.31, and a fall through could take it to the next support level of 105.97. Crude oil is expected to find its first resistance at 107.24, and a rise through could take it to the next resistance level of 107.83.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
