Crude Oil Movement
Oil prices advanced 0.58% against the USD for the 24 hour period ending 23:00GMT, closing at 96.20, amid concerns over Hurricane Isaac’s impact on oil production in the Gulf of Mexico.
Meanwhile, a Group of Seven finance ministers urged oil producing countries to increase their output to meet demand, and stated that they were ready to sanction a release from strategic reserves to offset rising oil prices that could hurt global growth.
Late yesterday, the American Petroleum Institute reported that the US crude-oil inventories rose 5.5 million barrels in the week ended August 24. Stockpiles of gasoline fell 2.4 million barrels, while inventories of distillates climbed 1.4 million.
In the Asian session, at GMT0300, Crude Oil is trading at 95.96, 0.25% lower from yesterday’s close.
Crude oil is expected to find support at 95.22, and a fall through could take it to the next support level of 94.48. Crude oil is expected to find its first resistance at 96.62, and a rise through could take it to the next resistance level of 97.28.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
