Crude Oil Movement
Crude Oil prices advanced 1.71% against the USD for the 24 hour period ending 23:00GMT, closing at 99.75, as investors fretted that political turmoil in Egypt could disrupt oil supplies from the Middle East.
Separately, the American Petroleum Institute in its weekly crude oil inventory report indicated that US crude stock piles fell by 9 million barrels in the week ended June 28, more than the market expectations for a decline of 3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 101.88, 2.14% higher from yesterday’s close.
Crude oil is expected to find support at 99.05, and a fall through could take it to the next support level of 96.21. Crude oil is expected to find its first resistance at 103.45, and a rise through could take it to the next resistance level of 105.01.
Crude oil is trading way above its 20 Hr and 50 Hr moving averages.
