Crude Oil Movement
Crude Oil prices advanced 0.89% against the USD for the 24 hour period ending 23:00GMT, closing at 102.81, reversing its initial losses which were triggered by easing supply concerns from Libya.
Yesterday, the OPEC, in its monthly report, projected that rising crude oil supplies from non-OPEC producers would be adequate to meet the expected growth in world oil demand next year, thereby forcing its hand to slash its expectations for its own crude by 300,000 b/d, the lowest in almost six years. The cartel estimated demand for its oil in 2015 to reach 29.37 million bpd.
In the Asian session, at GMT0300, Crude Oil is trading at 102.84, tad higher from yesterday’s close.
Crude oil is expected to find support at 101.93, and a fall through could take it to the next support level of 101.01. Crude oil is expected to find its first resistance at 103.38, and a rise through could take it to the next resistance level of 103.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
