Crude Oil Movement
Crude Oil prices advanced 0.79% against the USD for the 24 hour period ending 23:00GMT, closing at 98.56, as supply concerns increased following mounting tensions in the Middle East.
At the same time, the American Petroleum Institute, in its weekly report, indicated that US crude oil supplies fell 4.29 million barrels in the week ending June 14.
In the Asian session, at GMT0300, Crude Oil is trading at 98.39, 0.17% lower from yesterday’s close.
Crude oil is expected to find support at 97.64, and a fall through could take it to the next support level of 96.90. Crude oil is expected to find its first resistance at 98.90, and a rise through could take it to the next resistance level of 99.42.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
