Crude Oil Movement
Crude Oil prices advanced 0.08% against the USD for the 24 hour period ending 23:00GMT, closing at 96.82, amid geopolitical concern after the US ambassador to Libya and three other embassy staff were killed by militants in Libya.
Yesterday, the Energy Information Administration (EIA) reported that the US crude oil inventories increased 2 million barrels for the week ended September 7. Gasoline inventories fell 1.2 million barrels, and distillates stocks rose 1.5 million barrels.
Meanwhile, the International Energy Agency (IEA), in its monthly report, stated that the global oil demand is likely to be muted through 2013 amid high prices and sluggish economy. Additionally, IEA made no significant changes to its global oil demand outlook and forecasted demand growth at a steady rate of around 0.8 million barrels per day (bpd) or 0.9% in both 2012 and 2013.
In the Asian session, at GMT0300, Crude Oil is trading at 97.09, 0.28% higher from yesterday’s close.
Crude oil is expected to find support at 96.25, and a fall through could take it to the next support level of 95.40. Crude oil is expected to find its first resistance at 98.00, and a rise through could take it to the next resistance level of 98.90.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
