Crude Oil Movement
Oil prices declined 2.78% against the USD for the 24 hour period ending 23:00GMT, closing at 105.96.
In the US, the American Petroleum Institute reported that the domestic crude inventories rose by 1.2 million barrels last week. Gasoline stocks fell by 4.6 million barrels, while distillate supplies fell by 3.7 million barrels.
At GMT 0300, Oil is trading at USD 106.09 per barrel in the Asian session, 0.12% higher from 23:00GMT.
The pair has its first resistance at 109.06, followed by the next resistance at 112.04. On the other side, the first support is at 104.29, with the subsequent support at 102.50.
The pair is trading just below its 20 Hr moving average and well below its 50 Hr moving average.
