Crude Oil Movement
Oil prices advanced 0.51% against the USD for the 24 hour period ending 23:00GMT, closing at 97.64, as new sanctions against Iran and protests in Egypt raised concerns over supplies from the oil-rich region.
Late Tuesday, the American Petroleum Institute reported that, for the week ended November 18, crude-oil supplies fell 5.6 million barrels. Gasoline inventories rose by 5.4 million barrels, while distillate inventories declined by 886,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 96.51, 1.16% lower from yesterday’s close.
Crude oil is expected to find support at 95.77, and a fall through could take it to the next support level of 95.04. Crude oil is expected to find its first resistance at 97.97, and a rise through could take it to the next resistance level of 99.44.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
