Crude Oil Movement
Crude Oil prices advanced 1.30% against the USD for the 24 hour period ending 23:00GMT, closing at 103.20, after US Energy Information Administration reported that crude oil stockpiles unexpectedly shrank for the fourth consecutive week by 4 million barrels to 371.1 million barrels last week. Meanwhile, persisting violence in Ukraine and Israel pushed the crude oil prices higher. Yesterday, news emerged that two fighter jets were downed in eastern Ukraine, near the crash site of the Malaysian Airlines passenger plane. Meanwhile, US Secretary of State, John Kerry, flew to Israel to impel for a truce between Israel and Hamas as fighting intensifies in Gaza.
In a key development, Libya is planning to provide crude oil at discounted prices by the end of August, in order to compensate customers for the additional risk of loading oil in the nation.
In the Asian session, at GMT0300, Crude Oil is trading at 103.09, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 102.23, and a fall through could take it to the next support level of 101.36. Crude oil is expected to find its first resistance at 103.65, and a rise through could take it to the next resistance level of 104.20.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
