Crude Oil Movement
Oil prices advanced 1.41% against the USD for the 24 hour period ending 23:00GMT, closing at 101.09, as OPEC failed to reach an agreement on production targets and as US crude inventories declined more than expected.
In the US, the Energy Information Administration reported that the commercial crude oil inventories decreased by 4.80 million barrels to 369.00 million barrels in the week ended June 3. Meanwhile, gasoline inventories moved up by 2.20 million barrels, and inventories of distillates climbed by 800,000 barrels during the week.
At GMT 0300, Oil is trading at USD 101.34 per barrel in the Asian session, 0.25% higher from 23:00GMT.
The pair has its first resistance at 102.81, followed by the next resistance at 104.29. On the other side, the first support is at 98.94, with the subsequent support at 96.55.
The pair is trading well above its 20 Hr and its 50 Hr moving averages.
