Crude Oil Movement
Oil prices advanced 2.24% against the USD for the 24 hour period ending 23:00GMT, closing at 101.48, as dollar weakened and after the release of latest inventory report from Department of Energy. The Energy Information Administration reported that the domestic crude stocks rose 600,000 barrels to 370.9 million barrels in the week to May 20. Stocks of gasoline rose 3.79 million barrels to 209.7 million barrels. Distillate stocks fell 2.04 million barrels to 141.1 million barrels.
At GMT 0300, Oil is trading at USD 101.56 per barrel in the Asian session, 0.08% higher from 23:00GMT.
The pair has its first resistance at 102.92, followed by the next resistance at 104.29. On the other side, the first support is at 99.19, with the subsequent support at 96.83.
The pair is trading above its 20 Hr and 50 Hr moving averages.
