Crude Oil Movement
Crude Oil prices advanced 1.48% against the USD for the 24 hour period ending 23:00GMT, closing at 101.23, as the ongoing supply concerns due to a political deadlock in Egypt supported prices.
Separately, the US Energy Information Administration in its weekly report indicated that, US crude oil inventories fell by 10.3 million barrels in the week ended June 28, surpassing market expectations for a decline of 2.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 101.18, marginally lower from yesterday’s close.
Crude oil is expected to find support at 100.41, and a fall through could take it to the next support level of 99.65. Crude oil is expected to find its first resistance at 102.05, and a rise through could take it to the next resistance level of 102.93.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
