Crude Oil Movement
Crude Oil prices declined 0.26% against the USD for the 24 hour period ending 23:00GMT, closing at 106.26. However, earlier during the day, oil prices rose after the Energy Information Administration (EIA) reported 579,000 barrels drop in the US crude stockpiles to 386.5 million barrels for the week ended 13 June 2014. Oil prices also advanced after media reports showed that Iraq’s military battled Islamist insurgents to regain control of the nation’s largest oil refinery located in Baiji.
In the Asian session, at GMT0300, Crude Oil is trading at 106.36, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 105.78, and a fall through could take it to the next support level of 105.21. Crude oil is expected to find its first resistance at 106.95, and a rise through could take it to the next resistance level of 107.55.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
