Crude Oil Movement
Crude Oil prices advanced 3.20% against the USD for the 24 hour period ending 23:00GMT, closing at 47.68, after reports of oil supply disruptions in Libya and Brazil raised concerns.
Reports indicated that the oil production in Libya was likely to fall by about 70K barrels a day to less than 400K barrels a day, as armed forces blocked the Eastern export terminal of Zueitina. Moreover, an industry strike in Brazil further provided an upward thrust to oil prices.
Separately, the American Petroleum Institute (API) reported that US crude oil inventory increased by 2.8 million barrels in the last week.
In the Asian session, at GMT0400, the pair is trading at 47.84, with the oil trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 46.41, and a fall through could take it to the next support level of 44.99. The pair is expected to find its first resistance at 48.81, and a rise through could take it to the next resistance level of 49.79.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
