Crude Oil Movement
On Friday, Crude Oil prices declined 2.09% against the USD for the period ending 21:00GMT, closing at 100.66, after oil supplies from Libya continued to rise, while supplies from Iraq too did not decline due to the tensions in the nation. An official report indicated that the production from Libya jumped to 470,000 barrels a day.
Meanwhile, International Energy Agency (IEA) reported that its oil projection for the remaining current year would go down on account of soft economic data and further added that oil demand might increase next year however geopolitical tensions and uncertainty over the global recovery would pose a high downside risk to projections.
In the Asian session, at GMT0300, Crude Oil is trading at 100.89, 0.23% higher from Friday’s close.
Crude oil is expected to find support at 99.91, and a fall through could take it to the next support level of 98.94. Crude oil is expected to find its first resistance at 102.39, and a rise through could take it to the next resistance level of 103.90.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
