Crude Oil Movement
Crude Oil prices declined 0.70% against the USD for the 24 hour period ending 23:00GMT, closing at 100.22, following an official report that Libya’s Sharara field had boosted its production to 554,000 barrels a day and after oil production from Iraq’s southern region continued to be unaffected by unrest in the north.
Meanhwile, the American Petroleum Institute reported that the crude inventories fell 4.8 million barrels last week.
In the Asian session, at GMT0300, Crude Oil is trading at 100.38, 0.16% higher from yesterday’s close.
Crude oil is expected to find support at 99.25, and a fall through could take it to the next support level of 98.12. Crude oil is expected to find its first resistance at 101.27, and a rise through could take it to the next resistance level of 102.16.
Crude oil is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
