Crude Oil Movement
Oil prices advanced 1.01% against the USD for the 24 hour period ending 23:00GMT, closing at 96.79.
Late yesterday, the American Petroleum Institute (API) reported that the US crude oil supplies declined by 6 million barrels in the week ended August 17. Distillate inventories fell 1 million barrels, while gasoline supplies rose 869,000 barrels.
Meanwhile, supply concerns continue to support oil prices, with mounting tensions in Iran as well as Syria and amid expected cut in output from the North Sea because of maintenance operations.
In the Asian session, at GMT0300, Crude Oil is trading at 96.76, marginally lower from yesterday’s close.
Crude oil is expected to find support at 95.91, and a fall through could take it to the next support level of 95.05. Crude oil is expected to find its first resistance at 97.61, and a rise through could take it to the next resistance level of 98.45.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
