Crude Oil Movement
Oil prices advanced 1.50% against the USD for the 24 hour period ending 23:00GMT, closing at 98.04, after the report showed that the US crude oil inventories declined more than expected.
The Energy Information Administration (EIA) reported that the US crude oil inventories declined by 3.1 million barrels for the week ending July 8. Gasoline stocks fell by 800,000 barrels, while distillates which include heating oil and diesel rose by 3.0 million barrels.
At GMT 0300, Oil is trading at USD 98.09 per barrel in the Asian session, 0.05% higher from 23:00GMT.
The pair has its first resistance at 99.36, followed by the next resistance at 100.62. On the other side, the first support is at 96.68, with the subsequent support at 95.26.
The pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
