Crude Oil Movement
Oil prices advanced 0.55% against the USD for the 24 hour period ending 23:00GMT, closing at 97.32, amid higher-than-expected drop in the US crude oil inventories.
The Energy Information Administration (EIA) reported that the US crude oil inventories fell 5.4 million barrels for the week ended August 17. Gasoline inventories declined 1 million barrels, and supplies of distillates rose 1 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 97.83, 0.52% higher from yesterday’s close.
Crude oil is expected to find support at 96.71, and a fall through could take it to the next support level of 95.59. Crude oil is expected to find its first resistance at 98.50, and a rise through could take it to the next resistance level of 99.17.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
