Crude Oil Movement
Oil prices advanced 2.33% against the USD for the 24 hour period ending 23:00GMT, closing at 100.10, amid concerns over supply disruption following reports that Iran could hold military drills next to a key oil-shipping channel.
Late Tuesday, the American Petroleum Institute reported that, the crude oil inventories rose 462,000 barrels in the week ended 9th December. Gasoline inventories declined 12,000 barrels, while supplies of distillates rose 1.2 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 99.95, 0.15% lower from yesterday’s close.
Crude oil is expected to find support at 97.99, and a fall through could take it to the next support level of 96.03. Crude oil is expected to find its first resistance at 101.58, and a rise through could take it to the next resistance level of 103.21.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
