Crude Oil Movement
Oil prices advanced 2.20% against the USD for the 24 hour period ending 23:00GMT, closing at 83.33.
The Organization of the Petroleum Exporting Countries (OPEC), in its monthly report, stated that slowing global economy could increase the supply and demand imbalance in the second half of 2012, citing OPEC has cut its output in May, with Saudi Arabia trimming production.
Separately, the Energy Information Administration (EIA) cut its 2012 world oil demand growth forecast by 150,000 bpd to 810,000 bpd.
Late yesterday, American Petroleum Institute (API) reported that the US crude stocks rose by 1.6 million barrels for the week ended June 8. Gasoline stocks fell by 878,000 barrels, while distillate stocks rose by 519,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 82.88, 0.54% lower from yesterday’s close.
Crude oil is expected to find support at 81.59, and a fall through could take it to the next support level of 80.29. Crude oil is expected to find its first resistance at 83.95, and a rise through could take it to the next resistance level of 85.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
