Crude Oil Movement
Oil prices advanced 0.17% against the USD for the 24 hour period ending 23:00GMT, closing at 103.22, as decline in crude oil inventories and continued tension over Iran’s nuclear program, raised concerns about the crude oil supply.
Late Wednesday, the American Petroleum Institute reported that the crude inventories declined 4.4 million barrels in the week ended 30th December. Gasoline inventories rose 3.4 million, and stockpiles of heating oil gained 5.2 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 102.93, 0.28% lower from yesterday’s close.
Crude oil is expected to find support at 101.96, and a fall through could take it to the next support level of 100.99. Crude oil is expected to find its first resistance at 103.82, and a rise through could take it to the next resistance level of 104.71.
The pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
