Crude Oil Movement
Oil prices advanced 1.85% against the USD for the 24 hour period ending 23:00GMT, closing at 99.59, following strong US consumer confidence data and amid reports the British embassy in Tehran was attacked.
Crude prices also rose, after the reports that the protesters attacked the UK embassy in Tehran to protest against sanctions imposed by Britain.
Late Tuesday, the American Petroleum Institute reported that the crude-oil inventories rose 3.4 million barrels for the week ended November 25. Gasoline stocks declined 173,000 barrels, while supplies of distillates rose 1.4 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 99.11, 0.48% lower from yesterday’s close.
Crude oil is expected to find support at 97.56, and a fall through could take it to the next support level of 96.02. Crude oil is expected to find its first resistance at 100.40, and a rise through could take it to the next resistance level of 101.70.
Crude Oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
