Crude Oil Movement
Crude Oil prices rose 0.61% against the USD for the 24 hour period ending 23:00GMT, closing at 106.41, after reports showed a sharp drop in oil inventories.
The Energy Information Administration reported that the US crude oil inventories dropped 6.90 million barrels to 367.00 million barrels, for week ended July 12. Meanwhile, gasoline inventories moved up 3.10 million barrels, while inventories of distillates, including heating oil and diesel, rose 3.9 million barrels for week ended July 12.
In the Asian session, at GMT0300, Crude Oil is trading at 106.43, slightly higher from yesterday’s close.
Crude oil is expected to find support at 105.45, and a fall through could take it to the next support level of 104.47. Crude oil is expected to find its first resistance at 107.07, and a rise through could take it to the next resistance level of 107.71.
Crude oil is trading just above its 20 Hr and its 50 Hr moving averages.
