Crude Oil Movement
Oil prices advanced 2.52% against the USD for the 24 hour period ending 23:00GMT, closing at 101.73, following reports showing a decline in crude oil inventories.
The Energy Information Administration reported that the crude supplies declined 1.1 million barrels for the week ended November 11. Gasoline inventories rose 1 million barrels, while supplies of distillates declined 2.1 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 102.30, 0.56% higher from yesterday’s close.
Crude oil is expected to find support at 99.50, and a fall through could take it to the next support level of 96.69. Crude oil is expected to find its first resistance at 104.00, and a rise through could take it to the next resistance level of 105.69.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
