Crude Oil Movement
Oil prices advanced 0.25% against the USD for the 24 hour period ending 23:00GMT, closing at 97.28, after report showed that crude stockpiles declined in the US, signaling that fuel demand may rise in the US.
Late Wednesday, the American Petroleum Institute reported that the crude-oil supplies fell by 3.2 million barrels for the week ended July 1. Gasoline inventories slipped by 1.9 million barrels and distillate inventories shed 1.6 million barrels.
At GMT 0300, Oil is trading at USD 97.43 per barrel in the Asian session, 0.15% higher from 23:00GMT.
The pair has its first resistance at 98.18, followed by the next resistance at 98.93. On the other side, the first support is at 96.29, with the subsequent support at 95.15.
The pair is trading just above its 20 Hr moving average and its 50 Hr moving average.
