Crude Oil Movement
Oil prices advanced 1.12% against the USD for the 24 hour period ending 23:00GMT, closing at 106.16, on optimism over Greece debt deal and positive jobs data from the US.
Ongoing tensions in the Middle East also continued to support the prices.
The US Energy Information Administration reported that the US crude oil inventories rose 832,000 barrels for the week ended 2nd March. Gasoline stock fell 396,000 barrels, while distillate stocks dropped by 1.94 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 106.39, 0.22% higher from yesterday’s close.
Crude oil is expected to find support at 104.98, and a fall through could take it to the next support level of 103.56. Crude oil is expected to find its first resistance at 107.18, and a rise through could take it to the next resistance level of 107.96.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
