Crude Oil Movement
Oil prices declined 0.50% against the USD for the 24 hour period ending 23:00GMT, closing at 100.71, as investors’ turned pessimistic over the Euro-zone leaders’ summit ahead this week and a surprise rise in the crude oil inventories.
The Energy Information Administration reported that crude oil inventories rose 1.3 million barrels for the week ended 2nd December. The gasoline inventories rose 5.1 million barrels, while the supplies of distillates increased 2.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 100.53, 0.18% lower from yesterday’s close.
Crude oil is expected to find support at 99.49, and a fall through could take it to the next support level of 98.44. Crude oil is expected to find its first resistance at 101.76, and a rise through could take it to the next resistance level of 102.98.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
