Crude Oil Movement
Crude Oil prices declined 1.59% against the USD for the 24 hour period ending 23:00GMT, closing at 99.38.
Oil prices fell below the $100 mark, after gasoline supplies continued to rise and following reports that the North Sea and West African physical crude markets were oversupplied.
Yesterday, the US Energy Information Administration reported that the US crude oil inventories dropped by 3.697 million barrels in the previous week, as compared to market expectations for 1 million barrels decline.
In the Asian session, at GMT0300, Crude Oil is trading at 99.60, 0.22% higher from yesterday’s close.
Crude oil is expected to find support at 98.62, and a fall through could take it to the next support level of 97.63. Crude oil is expected to find its first resistance at 101.13, and a rise through could take it to the next resistance level of 102.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
