Crude Oil Movement
Crude Oil prices declined 0.58% against the USD for the 24 hour period ending 23:00GMT, closing at 105.77.
The American Petroleum Institute (API) in its weekly report indicated that, crude stock piles in the week ending July 12 fell 2.6 million barrels, compared to market expectations for a decline of 2.5 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 105.80, slightly higher from yesterday’s close.
The crude oil weekly inventory data from Energy Information Administration is awaited later in the day.
Crude oil is expected to find support at 105.11, and a fall through could take it to the next support level of 104.43. Crude oil is expected to find its first resistance at 106.83, and a rise through could take it to the next resistance level of 107.87.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
