Crude Oil Movement
Oil prices advanced 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 88.89, on fears that tensions in the Middle East could mount raising supply concerns.
Investors remained cautious amid worries that Syria could resort to chemical weapons in its efforts to suppress the 16-month revolt against President, Bashar al-Assad.
Yesterday, the Energy Information Administration (EIA) reported that the US crude oil stocks rose 2.72 million barrels in the week to July 20. Gasoline inventories increased 4.13 million, while distillates stocks rose 1.71 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 88.74, 0.17% lower from yesterday’s close.
Crude oil is expected to find support at 87.27, and a fall through could take it to the next support level of 85.79. Crude oil is expected to find its first resistance at 89.79, and a rise through could take it to the next resistance level of 90.83.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
