Crude Oil Movement
Crude Oil prices advanced 2.17% against the USD for the 24 hour period ending 23:00GMT, closing at 103.04, as a weaker US Dollar and a cold weather in the US bolstered the demand outlook of the commodity.
Oil price also benefited after reports showed that oil output from Libya fell to 375,000 barrels on Tuesday, after protests disrupted flows from El Sharara oilfield. Supply prospect of the crude oil saw a further hit after South Sudan cut oil output by a fifth to 200,000 bpd while protests in Venezuela revealed renewed instability.
In the Asian session, at GMT0400, Crude Oil is trading at 102.72, 0.31% lower from yesterday’s close.
Crude oil is expected to find support at 101.11, and a fall through could take it to the next support level of 99.50. Crude oil is expected to find its first resistance at 103.79, and a rise through could take it to the next resistance level of 104.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
