Crude Oil Movement
Oil prices declined marginally against the USD for the 24 hour period ending 23:00GMT, closing at 105.91.
Earlier yesterday, oil rose on supply concerns, after the International Atomic Energy Agency (IAEA) stated that talks held between its inspectors and Iranian authorities on nation’s controversial nuclear program ended without progress.
However, oil prices declined after American Petroleum Institute (API) reported that US crude oil inventories rose more-than-expected, overweighing supply concern.
The API reported that the crude oil inventories rose 3.55 million barrels for the week ended 17 February. Gasoline stockpiles rose 314,000 barrels, while distillate inventories gained 630,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 105.77, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 105.35, and a fall through could take it to the next support level of 104.93. Crude oil is expected to find its first resistance at 106.45, and a rise through could take it to the next resistance level of 107.13.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
