Crude Oil Movement
Oil prices declined 0.52% against the USD for the 24 hour period ending 23:00GMT, closing at 98.45, amid demand concerns following the release of weak US home-price and consumer confidence data.
Late Tuesday, the American Petroleum Institute reported that crude-oil inventories were higher by 2.01 million barrels. Stockpiles of distillates rose 970,000 barrels, while gasoline stocks declined 461,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 98.62, 0.17% higher from yesterday’s close.
Crude oil is expected to find support at 97.23, and a fall through could take it to the next support level of 95.84. Crude oil is expected to find its first resistance at 100.65, and a rise through could take it to the next resistance level of 102.68.
The pair is trading below with its 20 Hr and its 50 Hr moving averages.
