Crude Oil Movement
Crude Oil prices declined 1.69% against the USD for the 24 hour period ending 23:00GMT, closing at 105.22, amid speculation that the Fed might begin tapering its stimulus measures next month. Meanwhile, concerns over the supply prospect of the commodity from the Middle East eased after news confirmed that Libya has reopened some of its oil ports, closed by labour unrest.
Late yesterday, the American Petroleum Institute reported that US inventories dropped by 1.2 million barrels during the week ended August 16. Additionally, gasoline stockpiles fell 3.7 million, while distillate supplies rose by 1.8 million for the week ended August 16.
In the Asian session, at GMT0300, Crude Oil is trading at 104.87, 0.33% lower from yesterday’s close.
Crude oil is expected to find support at 103.90, and a fall through could take it to the next support level of 102.93. Crude oil is expected to find its first resistance at 106.44, and a rise through could take it to the next resistance level of 108.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
