Crude Oil Movement
Oil prices advanced 0.45% against the USD for the 24 hour period ending 23:00GMT, closing at 98.64, after the report showed that the US stockpiles declined more than expected.
In the US, the Energy Information Administration reported that the oil inventories declined 3.7 million barrels to 351.7 barrels for the week ended July 15. Gasoline inventories increased 757,000 barrels to 212.5 million barrels, while stockpiles of distillates, which include heating oil and diesel, rose 3.43 million barrels to 148.5 million barrels.
At GMT 0300, Oil is trading at USD 98.08 per barrel in the Asian session, 0.57% lower from 23:00GMT.
The pair has its first resistance at 99.19, followed by the next resistance at 100.29. On the other side, the first support is at 96.81, with the subsequent support at 95.53.
The pair is trading between its 20 Hr and its 50 Hr moving averages.
