Crude Oil Movement
Oil prices advanced 0.95% against the USD for the 24 hour period ending 23:00GMT, closing at 99.68. The Organization of Petroleum Exporting Countries ministers are expected to increase production quotas at their meeting in Vienna, today.
Late yesterday, the American Petroleum Institute reported that the crude-oil inventories declined 5.5 million barrels in the week ended June 3. Gasoline stockpiles showed a declined by 161,000 barrels, while supplies of distillates showed an increase of 1.77 million barrels.
At GMT 0300, Oil is trading at USD 98.67 per barrel in the Asian session, 1.01% lower from 23:00GMT.
The pair has its first resistance at 99.74, followed by the next resistance at 100.80. On the other side, the first support is at 97.67, with the subsequent support at 96.66.
The pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
