Crude Oil Movement
Crude Oil prices strengthened 0.40% against the USD for the 24 hour period ending 23:00GMT, closing at 107.42, following a drop in oil inventories.
Later yesterday, the American Petroleum Institute reported that the US oil inventories fell 1.4 million barrels for the week ended July 19. Gasoline stockpiles dropped 900,000 barrels and distillate supplies down by about 700,000 barrels.
Oil prices got lift earlier this week, as supply concerns erupted once again following reports of labour demonstrations in Eastern Libya which forced the closure of a key port for nearly a week.
In the Asian session, at GMT0300, Crude Oil is trading at 106.95, 0.44% lower from yesterday’s close.
Crude oil is expected to find support at 105.76, and a fall through could take it to the next support level of 104.56. Crude oil is expected to find its first resistance at 107.85, and a rise through could take it to the next resistance level of 108.74.
Crude oil is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
