Crude Oil Movement
Oil prices declined 2.11% against the USD for the 24 hour period ending 23:00GMT, closing at 110.63, on rise in crude oil inventories and investor’s focus on plunge in silver prices.
In the US, the American Petroleum Institute reported that the crude oil stocks rose by 3.2 million barrels last week.
At GMT 0300, Oil is trading at USD 110.58 per barrel in the Asian session, 0.05% lower from 23:00GMT.
The pair has its first resistance at 112.46, followed by the next resistance at 114.34. On the other side, the first support is at 109.46, with the subsequent support at 108.34.
The pair is trading well below its 20 Hr and 50 Hr moving averages.
