Crude Oil Movement
Crude Oil prices declined 2.08% against the USD for the 24 hour period ending 23:00GMT, closing at 105.19, as poor Chinese manufacturing data re-ignited concerns over oil demand from the world’s second largest oil consumer.
Yesterday, the Energy Information Administration reported that the US crude oil inventories dipped 2.80 million barrels for the week ended July 19. Gasoline stockpiles fell by 1.4 million barrels, compared an increase of 900,000 barrels expected. Distillate stocks, which include diesel and heating oil, fell by 1.2 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 105, 0.18% lower from yesterday’s close.
Crude oil is expected to find support at 103.98, and a fall through could take it to the next support level of 102.96. Crude oil is expected to find its first resistance at 106.76, and a rise through could take it to the next resistance level of 108.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
