Crude Oil Movement
Oil prices advanced 0.43% against the USD for the 24 hour period ending 23:00GMT, closing at 93.12, amid optimism over prospects for oil demand after positive economic data from the Euro-zone and the US.
Late yesterday, the American Petroleum Institute (API) reported that the crude-oil inventories climbed 2.8 million barrels on the week ended August 10. Gasoline stocks declined 2 million barrels, and supplies of distillates rose 1.2 million.
After yesterday’s API report, investors now await more closely watched data from the US Energy Information Administration (EIA) in the day ahead.
In the Asian session, at GMT0300, Crude Oil is trading at 93.09, marginally lower from yesterday’s close.
Crude oil is expected to find support at 92.52, and a fall through could take it to the next support level of 91.95. Crude oil is expected to find its first resistance at 93.79, and a rise through could take it to the next resistance level of 94.49.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
