Crude Oil Movement
Oil prices advanced 2.38% against the USD for the 24 hour period ending 23:00GMT, closing at 99.26, as Goldman Sachs Group Inc. and Morgan Stanley increased their price forecasts on crude oil on expectations of good demand.
In the US, the American Petroleum Institute reported that the crude oil inventories declined 860,000 barrels in the week ended May 20. Gasoline stockpiles gained 2.4 million barrels, while stocks of distillates decreased 846,000 barrels.
At GMT 0300, Oil is trading at USD 98.88 per barrel in the Asian session, 0.38% lower from 23:00GMT.
The pair has its first resistance at 100.05, followed by the next resistance at 101.23. On the other side, the first support is at 97.74, with the subsequent support at 96.61.
The pair is trading between its 20 Hr and 50 Hr moving averages.
Oil prices advanced 2.38% against the USD for the 24 hour period ending 23:00GMT, closing at 99.26, as Goldman Sachs Group Inc. and Morgan Stanley increased their price forecasts on crude oil on expectations of good demand.
In the US, the American Petroleum Institute reported that the crude oil inventories declined 860,000 barrels in the week ended May 20. Gasoline stockpiles gained 2.4 million barrels, while stocks of distillates decreased 846,000 barrels.
At GMT 0300, Oil is trading at USD 98.88 per barrel in the Asian session, 0.38% lower from 23:00GMT.
The pair has its first resistance at 100.05, followed by the next resistance at 101.23. On the other side, the first support is at 97.74, with the subsequent support at 96.61.
The pair is trading between its 20 Hr and 50 Hr moving averages.
