Crude Oil Movement
Crude Oil prices declined 1.05% against the USD for the 24 hour period ending 23:00GMT, closing at 104.17, as Libyan rebels agreement to re-open two oil terminals at Es Sider and Ras Lanuf, eased some concerns on the supply-outlook of the commodity from the OPEC nation. However, losses in crude oil prices were kept in check after the Energy Information Administration (EIA) reported a decline of 3.2 million barrels in the US crude supplies last week, more than analysts’ expectations for a drop of 2.4 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.99, 0.17% lower from yesterday’s close.
Crude oil is expected to find support at 103.45, and a fall through could take it to the next support level of 102.91. Crude oil is expected to find its first resistance at 105.03, and a rise through could take it to the next resistance level of 106.07.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
