Crude Oil Movement
Oil prices advanced 1.63% against the USD for the 24 hour period ending 23:00GMT, closing at 98.75, on the back of concerns surrounding Iran and Nigeria and drop in crude oil inventories.
Late Tuesday, American Petroleum Institute reported crude inventories fell 4.5 million barrels for the week ended days ended February 3. Meanwhile, the US gasoline stockpiles and distillates inventory, climbed 4.4 million barrels and 386,000 barrels, respectively.
In the Asian session, at GMT0400, Crude Oil is trading at 98.96, 0.21% higher from yesterday’s close.
Crude oil is expected to find support at 96.83, and a fall through could take it to the next support level of 94.69. Crude oil is expected to find its first resistance at 100.11, and a rise through could take it to the next resistance level of 101.25.
Crude oil is trading well above its 20 Hr and its 50 Hr moving averages.
