Crude Oil Movement
Crude Oil prices declined 0.13% against the USD for the 24 hour period ending 23:00GMT, closing at 100.69, However, losses in crude oil prices were limited as concerns on the supply outlook of the commodity rose after few armed protestors opened fire in Libya’s parliament and after hundreds of pro-Moscow separatists attacked government buildings in one of Ukraine’s provincial capitals on Tuesday.
Late Tuesday, the American Petroleum Institute reported 3.0 million barrels rise in the US crude supplies for the week ended 25 April 2014.
In the Asian session, at GMT0300, Crude Oil is trading at 100.47, 0.22% lower from yesterday’s close, ahead of a government weekly report on the US crude stockpiles, scheduled for release later today.
Crude oil is expected to find support at 99.81, and a fall through could take it to the next support level of 99.16. Crude oil is expected to find its first resistance at 101.66, and a rise through could take it to the next resistance level of 102.86.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
