Crude oil Movement
Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 101.48.
Late yesterday, the American Petroleum Institute (API) reported that crude-oil inventories, for the week ended January 13, retreated 4.8 million barrels. Meanwhile, gasoline stockpiles advanced 4.3 million and supplies of distillates fell 900,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 101.51, marginally higher from yesterday’s close.
Crude oil is expected to find support at 100.24, and a fall through could take it to the next support level of 98.98. Crude oil is expected to find its first resistance at 102.41, and a rise through could take it to the next resistance level of 103.32.
Crude oil is trading above its 20 Hr and its 50 Hr moving average.
