Crude Oil Movement
Oil prices advanced 0.11% against the USD for the 24 hour period ending 23:00GMT, closing at 93.45, amid fall in the US crude inventories last week and supply disruptions caused by a storm in the Gulf of Mexico. Lower North Sea oil output and tensions in the Middle East also supported the oil prices.
The Energy Information Administration (EIA) reported that the US crude oil inventories fell 3.7 million barrels for the week ended August 3. Gasoline supplies declined 1.8 million barrels, and distillates retreated 700,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 93.54, 0.1% higher from yesterday’s close.
Crude oil is expected to find support at 92.67, and a fall through could take it to the next support level of 91.79. Crude oil is expected to find its first resistance at 94.57, and a rise through could take it to the next resistance level of 95.59.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
