Crude Oil Movement
On Friday, Crude Oil prices advanced 0.11% against the USD for the period ending 21:00GMT, closing at 105.73. However, easing concerns on the supply-outlook of the commodity from the Middle East region, capped the gains in crude oil prices. Reports from Libya showed that the nation’s El Feel oilfield pumped in 105,000 bpd of oil after resuming operations following the end of a protest this month. Separately, a spokesperson of the rebel group in Libya indicated that they would recede from the nation’s largest oil-export terminal, the port of Es Sider, after the new parliament takes office.
In the Asian session, at GMT0300, Crude Oil is trading at 105.46, 0.26% lower from Friday’s close.
Crude oil is expected to find support at 105.13, and a fall through could take it to the next support level of 104.80. Crude oil is expected to find its first resistance at 105.99, and a rise through could take it to the next resistance level of 106.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
