Crude Oil Movement
Oil prices advanced 2.34% against the USD for the 24 hour period ending 23:00GMT, closing at 95.20, after the US inventories declined more than market expectations.
The Energy Information Administration reported that the US crude oil inventories decreased by 4.40 million barrels to 359.50 million barrels for the week ended June 24, while the total gasoline inventories declined by 1.40 barrels last week, while supplies of distillates, which include heating oil and diesel, increased 300,000 barrels.
At GMT 0300, Oil is trading at USD 95.07 per barrel in the Asian session, 0.14% lower from 23:00GMT.
The pair has its first resistance at 96.38, followed by the next resistance at 97.69. On the other side, the first support is at 93.22, with the subsequent support at 91.37.
The pair is trading just above its 20 Hr moving average and its 50 Hr moving average.
