Crude Oil Movement
Crude Oil prices ticked up 1.61% against the USD for the 24 hour period ending 23:00GMT, closing at 108.19, as upbeat jobless claims and Philadelphia Fed’s manufacturing data added to signs of a stronger US economic recovery, thus raising demand prospects.
Separately, the American Petroleum Institute, in its monthly report showed that total petroleum deliveries dropped 1.0% from a year earlier to 18.7 million barrels a day in June, the least for the month since 1997. Meanwhile, production jumped 15.0% to 7.22 million barrels a day in June, the highest June output since 1991.
In the Asian session, at GMT0300, Crude Oil is trading at 108.17, slightly lower from yesterday’s close.
Crude oil is expected to find support at 106.74, and a fall through could take it to the next support level of 105.30. Crude oil is expected to find its first resistance at 109.02, and a rise through could take it to the next resistance level of 109.86.
Crude oil is trading above its 20 Hr and its 50 Hr moving averages.
