Crude Oil Movement
Oil prices advanced 2.04% against the USD for the 24 hour period ending 23:00GMT, closing at 104.02, amid concerns that flooding of the Mississippi River would disrupt the fuel output.
Late Tuesday, the American Petroleum Institute reported that the crude oil inventories rose 2.9 million barrels on the week ended May 6. The gasoline stockpiles declined by 1.8 million barrels, and stocks of distillates rose by 582,000 barrels.
At GMT 0300, Oil is trading at USD 104.04 per barrel in the Asian session, 0.02% higher from 23:00GMT.
The pair has its first resistance at 105.72, followed by the next resistance at 107.40. On the other side, the first support is at 101.24, with the subsequent support at 98.44.
The pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
