Crude Oil Movement
Oil prices advanced 0.10% against the USD for the 24 hour period ending 23:00GMT, closing at 98.85.
Yesterday, the Energy Information Administration reported that in the week ended February 3, crude oil inventories climbed 300,000 barrels. Gasoline stocks rose 1.60 million barrels, while distillate stocks rose 1.17 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 98.71, 0.14% lower from yesterday’s close.
Crude oil is expected to find support at 97.85, and a fall through could take it to the next support level of 96.99. Crude oil is expected to find its first resistance at 99.82, and a rise through could take it to the next resistance level of 100.93.
Crude oil is trading between its 20 Hr and its 50 Hr moving averages.
