Crude Oil Movement
Crude Oil prices advanced 0.10% against the USD for the 24 hour period ending 23:00GMT, closing at 100.93, reversing its initial losses triggered after Libya restored its oil production. However, oil prices climbed, after news emerged that Iraq’s Kurds captured two oilfields.
In the Asian session, at GMT0300, Crude Oil is trading at 100.96, marginally higher from yesterday’s close.
Crude oil is expected to find support at 100.39, and a fall through could take it to the next support level of 99.81. Crude oil is expected to find its first resistance at 101.37, and a rise through could take it to the next resistance level of 101.77.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
