Crude Oil Movement
Oil prices advanced 1.06% against the USD for the 24 hour period ending 23:00GMT, closing at 89.90.
Yesterday, the Energy Information Administration (EIA) showed that the US crude oil inventories fell 809,000 barrels for the week ended July 13. Gasoline supplies decreased 1.8 million barrels, while Distillate inventories rose 2.6 million barrels.
The US Defense Secretary, Leon Panetta, stated that the United States would hold Tehran directly responsible for any attempt to disrupt shipping in the Gulf region and would be able to defeat any Iranian attempt to shut down seaborne commerce.
In the Asian session, at GMT0300, Crude Oil is trading at 90.22, 0.36% higher from yesterday’s close.
Crude oil is expected to find support at 89.12, and a fall through could take it to the next support level of 88.03. Crude oil is expected to find its first resistance at 90.78, and a rise through could take it to the next resistance level of 91.35.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
