Crude Oil Movement
Crude Oil prices advanced 1.49% against the USD for the 24 hour period ending 23:00GMT, closing at 104.47, after the American Petroleum Institute (API) in its weekly report indicated that crude oil inventories dropped by 9 million barrels in the week ending 5 July, above market expectations for a decline of 3.8 million barrels. Also, improving economic conditions in the US economy bolstered demand prospects for the fuel.
In the Asian session, at GMT0300, Crude Oil is trading at 104.37, 0.10% lower from yesterday’s close.
Weekly crude oil inventory data from the Energy Information Administration is expected to be released later in the day.
Crude oil is expected to find support at 102.86, and a fall through could take it to the next support level of 101.34. Crude oil is expected to find its first resistance at 105.34, and a rise through could take it to the next resistance level of 106.30.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
