Crude Oil Movement
Crude Oil prices advanced 0.49% against the USD for the 24 hour period ending 23:00GMT, closing at 96.74, amid Middle-East tension after Israeli Prime Minister, Benjamin Netanyahu, stated the US had forfeited its moral right to stop Israel taking action against Iran’s nuclear program because it had refused to be firm with Tehran itself.
Late yesterday, the American Petroleum Institute (API) reported that the US Crude oil inventories rose 221,000 barrels in the week ended September 7. The API also showed gasoline stockpiles fell 4.2 million barrels, while distillates inventories rose 2.5 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 97.10, 0.37% higher from yesterday’s close.
Crude oil is expected to find support at 96.35, and a fall through could take it to the next support level of 95.60. Crude oil is expected to find its first resistance at 97.58, and a rise through could take it to the next resistance level of 98.06.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
