Crude Oil Movement
On Friday, Crude Oil prices declined 0.29% against the USD for the period ending 21:00GMT, closing at 103.79, on renewed confidence that the sectarian violence in Iraq would not impact the nation’s crude supply as the crude supplies continue to remain safe. Additionally, Libya agreed to reopen its Es Sider and Ras Lanuf terminals, the country’s biggest and third-largest export terminals.
In the Asian session, at GMT0300, Crude Oil is trading at 103.98, 0.18% higher from Friday’s close.
Crude oil is expected to find support at 103.70, and a fall through could take it to the next support level of 103.43. Crude oil is expected to find its first resistance at 104.19, and a rise through could take it to the next resistance level of 104.41.
Crude oil is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
