Crude Oil Movement
Oil prices advanced 0.40% against the USD for the 24 hour period ending 23:00GMT, closing at100.94, amid supply concerns in the Middle East sparked by tensions over Iran and disruptions in Southern Sudan.
Late Tuesday, American Petroleum Institute reported that oil inventories rose 2.9 million barrels for the week ended 10 February. Gasoline supplies climbed 1.8 million barrels and stockpiles of distillates dropped 2.2 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 101.48, 0.53% higher from yesterday’s close.
Crude oil is expected to find support at 100.56, and a fall through could take it to the next support level of 99.64. Crude oil is expected to find its first resistance at 102.12, and a rise through could take it to the next resistance level of 102.76.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
