Crude Oil Movement
Crude Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 102.94, as a strong US factory order report and a more-than-expected fall in the American Petroleum Institute’s (API) weekly US crude data, bolstered the demand outlook of the commodity. The API reported that crude inventories in the US fell 1.4 million barrels last week to 382.5 million barrels, compared to analysts’ expectations for a drop of 300,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 102.72, 0.21% lower from yesterday’s close, ahead of the Energy Information Administration’s (EIA) report on the US crude supplies.
Earlier today, reports showed that oil production in Libya rose to 162,000 barrels a day, compared to Tuesday’s output of 156,000 barrels, as protests at its Zelten and Raguba oil fields ended.
Crude oil is expected to find support at 102.31, and a fall through could take it to the next support level of 101.89. Crude oil is expected to find its first resistance at 103.06, and a rise through could take it to the next resistance level of 103.39.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
