Crude Oil Movement
Oil prices declined 1.27% against the USD for the 24 hour period ending 23:00GMT, closing at 84.16, on easing supply concerns as Norway ended an energy strike that threatened to halt production by Europe’s largest crude exporter.
Late yesterday, the American Petroleum Institute (API) reported that the US crude oil inventories fell 695,000 barrels for the week ended July 6. Gasoline inventories rose 2.5 million, while distillate supplies dropped 717,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 84.39, 0.27% higher from yesterday’s close.
Crude oil is expected to find support at 83.38, and a fall through could take it to the next support level of 82.36. Crude oil is expected to find its first resistance at 85.68, and a rise through could take it to the next resistance level of 86.96.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
