Crude Oil Movement
Oil prices advanced 0.83% against the USD for the 24 hour period ending 23:00GMT, closing at USD102.16, after tensions in Iran raised concerns about crude oil supplies.
Late yesterday, the American Petroleum Institute reported that reported that crude-oil inventories rose 397,000 barrels to 334.9 million for the week ending January 6. Total gasoline inventories moved up by 1.9 million to 211.4 million barrels, while stockpiles of distillates, which include heating oil and diesel, rose 846,000 barrels to 146.2 million for the period.
In the Asian session, at GMT0400, Crude Oil is trading at 101.80, 0.35% lower from yesterday’s close.
Crude oil is expected to find support at 101.06, and a fall through could take it to the next support level of 100.33. Crude oil is expected to find its first resistance at 102.97, and a rise through could take it to the next resistance level of 104.15.
Crude Oil is trading below its 20 Hr moving average and is trading just above its 50 Hr moving average.
