Crude Oil Movement
Crude Oil prices declined 1.10% against the USD for the 24 hour period ending 23:00GMT, closing at 98.03, amid speculation that Crimea’s vote to join Russia and the US and European Union’s sanction against Russia would not likely hamper the commodity’s supply-outlook.
However, the losses were limited after reports showed that crude production in Libya fell to 230,000 barrels a day from 408,000 after protesters shut a pipeline from Sharara.
In the Asian session, at GMT0400, Crude Oil is trading at 97.99, marginally lower from yesterday’s close.
Crude oil is expected to find support at 97.16, and a fall through could take it to the next support level of 96.34. Crude oil is expected to find its first resistance at 99.02, and a rise through could take it to the next resistance level of 100.06.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
