Crude Oil Movement
Crude Oil prices advanced 0.48% against the USD for the 24 hour period ending 23:00GMT, closing at 103.50, benefited from a sharp fall in the US weekly gasoline inventories. Oil prices also fetched some support from reports that showed Libya’s oil output fell to 155,000 barrels per day, one-tenth of its capacity. However, the Energy Information Administration (EIA) reported that the US crude stockpiles rose by 1.7 million barrels last week, slightly higher than analysts’ expectations for a rise of 1.0 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.33, 0.16% lower from yesterday’s close.
Crude oil is expected to find support at 102.65, and a fall through could take it to the next support level of 101.96. Crude oil is expected to find its first resistance at 103.98, and a rise through could take it to the next resistance level of 104.62.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
