Crude Oil Movement
Oil prices declined 0.03% against the USD for the 24 hour period ending 23:00GMT, closing at 104.72, after Kuwait’s oil minister stated that OPEC is considering increase in production to help replace war-torn member Libya’s lost supplies.
The American Petroleum Institute reported that crude oil inventories rose 3.82 million barrels last week to 348.5 million. Gasoline stockpiles dropped 3.74 million barrels to 230.7 million.
At GMT 0400, Oil is trading at USD 104.43 per barrel in the Asian session, 0.28% lower from 23:00GMT.
The pair has its first resistance at 105.47, followed by the next resistance at 106.50. On the other side, the first support is at 103.72, with the subsequent support at 103.00.
The pair is showing convergence with its 20 Hr and is trading just below its 50 Hr moving average.
