Crude Oil Movement
Oil prices advanced 0.62% against the USD for the 24 hour period ending 23:00GMT, closing at 101.22, after European Union indicated that it may ban imports of Iranian crude. Also, a decline in the US stockpiles further added to the gains.
Late Tuesday, the American Petroleum Institute reported that the crude oil inventories declined 5.04 million barrels last week. Distillate fuel inventories rose 1.68 million barrels, while gasoline stockpiles rose 5.97 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 101.49, 0.27% higher from yesterday’s close.
Crude oil is expected to find support at 100.59, and a fall through could take it to the next support level of 99.70. Crude oil is expected to find its first resistance at 101.99, and a rise through could take it to the next resistance level of 102.50.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
