Crude Oil Movement
Oil prices advanced 1.20% against the USD for the 24 hour period ending 23:00GMT, closing at 99.23, amid strong US retail sales and manufacturing data.
Late Tuesday, the American Petroleum Institute reported that the crude oil supplies climbed by 1.3 million barrels for the week ended 11th November. Gasoline inventories declined 2.9 million barrels, while distillate inventories declined 2.6 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 98.68, 0.55% lower from yesterday’s close.
Crude oil is expected to find support at 97.51, and a fall through could take it to the next support level of 96.35. Crude oil is expected to find its first resistance at 99.84, and a rise through could take it to the next resistance level of 101.01.
Crude Oil pair is showing convergence with its 20 Hr and 50 Hr moving averages.
