Crude Oil Movement
Oil prices advanced 1.16% against the USD for the 24 hour period ending 23:00GMT, closing at 80.47, amid favorable macroeconomic data from the US and following fall in the US crude oil inventories.
The Energy Information Administration (EIA) reported that crude oil inventories declined 100,000 barrels for the week ended June 22. Gasoline inventories climbed 2.1 million barrels, while distillates stocks fell 2.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 80.42, 0.06% lower from yesterday’s close.
Crude oil is expected to find support at 79.09, and a fall through could take it to the next support level of 77.77. Crude oil is expected to find its first resistance at 81.33, and a rise through could take it to the next resistance level of 82.25.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
