Crude Oil Movement
Oil prices advanced 1.24% against the USD for the 24 hour period ending 23:00GMT, closing at 96.96, after OPEC revised its forecast for oil demand higher by 1.9 million barrels a day, to 92.9 million barrels by 2015. Also, concerns over Iran’s nuclear program added to the gains.
Late Tuesday, the American Petroleum Institute reported that, for week ended November 4, the crude-oil supplies rose by 148,000 barrels. Gasoline inventories fell by 1.5 million barrels, while distillate inventories fell 2.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 97.19, 0.24% higher from yesterday’s close.
Crude oil is expected to find support at 95.84, and a fall through could take it to the next support level of 94.49. Crude oil is expected to find its first resistance at 97.93, and a rise through could take it to the next resistance level of 98.67.
The pair is trading above its 20 Hr and 50 Hr moving averages.
