Crude Oil Movement
Oil prices advanced 2.45% against the USD for the 24 hour period ending 23:00GMT, closing at 106.90, after Libyan leader Muammar Gaddafi’s troops retook the control of the oil producing towns of Ras Lanuf and Brega from the rebels in eastern Libya.
At GMT 0300, Oil is trading at USD 106.95 per barrel in the Asian session, 0.05% higher from 23:00GMT.
The pair has its first resistance at 108.25, followed by the next resistance at 109.54. On the other side, the first support is at 105.08, with the subsequent support at 103.20
Crude Oil is trading far above its 20 Hr and 50 Hr moving averages.
