Crude oil Movement
Oil prices advanced 0.47% against the USD for the 24 hour period ending 23:00GMT, closing at 106.89, after an unexpected drop in the US crude oil inventories and amid continues tensions between Iran and the West.
During the day, oil had come under pressure, after France stated that industrialized nations are considering releasing strategic crude stockpiles to counter rising prices.
However, oil regained momentum after the Energy Information Administration (EIA) showed that US crude stockpiles fell 1.16 million barrels for the week ended 16th February. Additionally, gasoline supplies declined 1.2 million barrels, while distillate inventories rose by 1.76 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 106.58, 0.29% lower from yesterday’s close, after weak Chinese manufacturing data raised concerns that economic growth could slow at the world’s second-largest oil consumer.
Crude oil is expected to find support at 105.88, and a fall through could take it to the next support level of 105.18. Crude oil is expected to find its first resistance at 107.46, and a rise through could take it to the next resistance level of 108.34.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
