Crude Oil Movement
Oil prices declined 2.48% against the USD for the 24 hour period ending 23:00GMT, closing at 96.80.
The EIA crude oil report showed that crude oil inventories increased by 0.8 million barrels to reach 346.7 million barrels from the previous week.
Saudi Arabia and other OPEC nations, including those in West Africa, have indicated that they are willing to replace any lost Libyan oil.
At GMT 0400, Oil is trading at USD 97.25 per barrel in the Asian session, 0.46% higher from 23:00GMT.
The pair has its first resistance at 101.33, followed by the next resistance at 105.40. On the other side, the first support is at 94.40, with the subsequent support at 91.54.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
