Crude Oil Movement
Crude Oil prices advanced 0.90% against the USD for the 24 hour period ending 23:00GMT, closing at 97.38, after US home prices rose in line with market expectations in November. However, gains were capped earlier following disappointing US consumer confidence data.
Elsewhere, geopolitical tensions continue to worsen in Libya and Algeria, while unrest in Egypt supported oil prices as well.
Late yesterday, the American Petroleum Institute (API) reported that crude stocks for the week ended January 25 fell 15,000 barrels, while gasoline stocks rose 2.4 million barrels and distillate stocks fell 1.8 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 97.53, 0.15% higher from yesterday’s close.
Crude oil is expected to find support at 96.61, and a fall through could take it to the next support level of 95.68. Crude oil is expected to find its first resistance at 98.14, and a rise through could take it to the next resistance level of 98.74.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
