Crude Oil Movement
Oil prices advanced 2.26% against the USD for the 24 hour period ending 23:00GMT, closing at 98.20, as strong US housing data bolstered hopes for the economic recovery and oil demand.
Late Tuesday, the American Petroleum Institute reported that the crude-oil inventories declined 5.2 million barrels on the week ending July 15. Gasoline stockpiles added 2 million barrels, while supplies of distillates, which include heating oil and diesel, increased 1.1 million barrels.
At GMT 0300, Oil is trading at USD 98.33 per barrel in the Asian session, 0.13% higher from 23:00GMT.
The pair has its first resistance at 99.34, followed by the next resistance at 100.36. On the other side, the first support is at 96.62, with the subsequent support at 94.92.
The pair is trading above its 20 Hr and its 50 Hr moving averages.
