Crude Oil Movement
Oil prices advanced 0.93% against the USD for the 24 hour period ending 23:00GMT, closing at 101.88, after Iran’s Press TV reported that Iran has stopped oil exports to six European states in retaliation for the European Union sanctions imposed on the nation. A fall in US crude inventories for the first time in last four weeks, aided the price rise.
Yesterday, Energy Information Administration reported that crude oil inventories fell 200,000 for the week ended 10 February. Gasoline stockpiles rose 400,000 barrels, while distillate supplies fell 2.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 101.60, 0.27% lower from yesterday’s close.
Crude oil is expected to find support at 101.03, and a fall through could take it to the next support level of 100.45. Crude oil is expected to find its first resistance at 102.36, and a rise through could take it to the next resistance level of 103.11.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
