Crude Oil Movement
Crude Oil prices advanced 3.14% against the USD for the 24 hour period ending 23:00GMT, closing at 96.86, after the American Petroleum Institute (API) reported that the crude inventories shrank by 12.4 million barrels last week.
In the Asian session, at GMT0400, Crude Oil is trading at 97.21, 0.36% higher from yesterday’s close.
Later today, crude prices would be influenced by the meeting of the Organization of Petroleum Exporting Countries (OPEC), which would provide an update on production levels.
Crude oil is expected to find support at 94.79, and a fall through could take it to the next support level of 92.37. Crude oil is expected to find its first resistance at 98.51, and a rise through could take it to the next resistance level of 99.81.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
