Crude Oil Movement
Oil prices advanced 0.34% against the USD for the 24 hour period ending 23:00GMT, closing at 79.55, as a strike by oil workers in Norway tightened North Sea supplies, resulting in production cut of 150,000 barrels per day.
Late yesterday, American Petroleum Institute (API) reported that the US crude oil inventories unexpectedly rose 507,000 barrels in the week to June 22. Separately, US gasoline stocks rose by 373,000 barrels while distillate stocks unexpectedly fell 1.0 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 79.54, flat from yesterday’s close.
Crude oil is expected to find support at 78.71, and a fall through could take it to the next support level of 77.87. Crude oil is expected to find its first resistance at 80.03, and a rise through could take it to the next resistance level of 80.51.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
