Crude Oil Movement
Crude Oil prices jumped 1.96% against the USD for the 24 hour period ending 23:00GMT, closing at 105.14, as the US Federal Reserve gave no indication on when it will curb economic stimulus, assuring commodity traders of continued liquidity flow for now.
Yesterday, the Energy Information Administration reported that the US crude oil inventories rose 400,000 barrels for the week ended July 26. Gasoline supplies unexpectedly rose by 800,000 barrels, while distillate stockpiles, which include heating oil, surprising fell 500,000 barrels for the week ended July 26.
In the Asian session, at GMT0300, Crude Oil is trading at 105.39, 0.24% higher from yesterday’s close.
Crude oil is expected to find support at 103.65, and a fall through could take it to the next support level of 101.92. Crude oil is expected to find its first resistance at 106.40, and a rise through could take it to the next resistance level of 107.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
