Crude Oil Movement
Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 95.84.
Late yesterday, the American Petroleum Institute (API) reported that the US Crude oil inventories fell by 7.2 million barrels in the week ended August 31. Stockpiles of gasoline declined by 2.3 million, while distillates inventories declined by 132,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 96.05, 0.22% higher from yesterday’s close.
Crude oil is expected to find support at 94.79, and a fall through could take it to the next support level of 93.52. Crude oil is expected to find its first resistance at 96.79, and a rise through could take it to the next resistance level of 97.52.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
