Crude Oil Movement
Crude Oil prices declined 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 99.31, amid concerns of over-supply in the market after Libyan rebels clinched a deal with the nation’s Government, paving the way for reopening of oil ports. However, the losses were kept in check ahead of the US nonfarm payrolls data and after the Energy Information Administration reported that US crude supplies dropped by 2.4 million barrels during the week ended 28 March, contradicting analysts’ expectations for an increase of 1.8 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 99.37, 0.06% higher from yesterday’s close.
Crude oil is expected to find support at 98.88, and a fall through could take it to the next support level of 98.38. Crude oil is expected to find its first resistance at 99.85, and a rise through could take it to the next resistance level of 100.32.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
