Crude Oil Movement
Crude Oil prices advanced 2.24% against the USD for the 24 hour period ending 23:00GMT, closing at 106.81, after the Energy Information Administration (EIA), in its weekly report indicated that crude stock piles in the US dropped by 9.87 million barrels in the week ended July 5.
In the Asian session, at GMT0300, Crude Oil is trading at 106.32, 0.46% lower from yesterday’s close.
Crude oil is expected to find support at 104.72, and a fall through could take it to the next support level of 103.13. Crude oil is expected to find its first resistance at 107.43, and a rise through could take it to the next resistance level of 108.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
