Crude Oil Movement
Oil prices advanced 0.06% against the USD for the 24 hour period ending 23:00GMT, closing at 84.20, on speculation that demand for oil might rise after the Institute for Supply Management (ISM) showed that the US service sector grew faster-than-expected in May.
Late yesterday, American Petroleum Institute (API) reported that US crude oil inventories fell 1.765 million barrels in the week ended to June 1. Gasoline inventories rose by 1.4 million barrels, while distillate stockpiles rose by 1.8 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 84.79, 0.70% higher from yesterday’s close.
Crude oil is expected to find support at 83.77, and a fall through could take it to the next support level of 82.74. Crude oil is expected to find its first resistance at 85.37, and a rise through could take it to the next resistance level of 85.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
