Crude Oil Movement
Oil prices advanced 1.67% against the USD for the 24 hour period ending 23:00GMT, closing at 98.90, buoyed by better-than-expected US jobs report data and drop in US crude supplies.
The US Energy Information Administration indicated that US crude oil inventories declined by 900,000 barrels for the week ended July 1. Total gasoline inventories fell by 600,000 barrels and distillate fuel inventories edged down by 200,000 barrels.
At GMT 0300, Oil is trading at USD 98.47 per barrel in the Asian session, 0.43% lower from 23:00GMT.
The pair has its first resistance at 99.59, followed by the next resistance at 100.72. On the other side, the first support is at 97.17, with the subsequent support at 95.88.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
