Crude Oil Movement
Crude Oil prices declined 2.65% against the USD for the 24 hour period ending 23:00GMT, closing at 53.63, amid speculations that crude oil stockpiles in the US would continue to remain elevated. Additionally, oil prices further came under pressure following news that fires have been extinguished at three of six tanks at Es Sider, Libya’s largest oil port, which were set ablaze after an attack by militants, thereby raising expectations that supplies would come back to normal in a few days.
At GMT 04:00, Oil is trading at USD 53.56 per barrel in the Asian session, 0.13% lower from 23:00GMT.
The pair is expected to find support at 52.42, and a fall through could take it to the next support level of 51.27. The pair is expected to find its first resistance at 55.19, and a rise through could take it to the next resistance level of 56.81.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
