Crude Oil Movement
Oil prices advanced 1.34% against the USD for the 24 hour period ending 23:00GMT, closing at 94.37, amid larger-than-expected drop in the US crude supplies and amid supply concerns from the Middle East.
Yesterday, the Energy Information Administration (EIA) reported a decline of 3.7 million barrels in the US crude inventories for the week ending August10. Gasoline stocks fell 2.4 million barrels, while supplies of distillates increased 700,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 94.54, 0.18% higher from yesterday’s close.
Oil prices rose, amid ongoing Iran-Israel ongoing concerns, over former’s disputed nuclear program. Meanwhile, deepening the crisis in Middle East, the Organisation of Islamic Cooperation (OIC) suspended Syria’s membership from the OIC this morning, citing President Bashar al-Assad’s violent suppression of the Syrian revolt.
Crude oil is expected to find support at 93.18, and a fall through could take it to the next support level of 91.82. Crude oil is expected to find its first resistance at 95.40, and a rise through could take it to the next resistance level of 96.26.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
