Crude Oil Movement
Oil prices declined 4.09% against the USD for the 24 hour period ending 23:00GMT, closing at 95.46, amid fears that Greece’s debt crisis would reduce the demand.
In the US, the Energy Information Administration reported that the domestic crude inventories dropped by 3.41 million barrels to 365.56 million barrels for the week ended June 10. Gasoline stocks rose by 573,000 barrels to 215.07 million barrels. Distillates, which include heating oil and diesel, posted a surprise dip of 105,000 barrels to 140.82 million barrels.
At GMT 0300, Oil is trading at USD 95.50 per barrel in the Asian session, 0.04% higher from 23:00GMT.
The pair has its first resistance at 98.96, followed by the next resistance at 102.43. On the other side, the first support is at 93.02, with the subsequent support at 90.55.
The pair is trading just below its 20 Hr and its 50 Hr moving averages.
