Crude Oil Movement
Oil prices declined 1.81% against the USD for the 24 hour period ending 23:00GMT, closing at 108.63.
In the US, the Energy Information Administration, reported that the crude oil inventories increased by 3.40 million barrels to 366.50 million barrels last week. Meanwhile, gasoline inventories fell 1 million barrels, whereas distillate supplies dropped 1.4 million barrels.
At GMT 0300, Oil is trading at USD 108.49 per barrel in the Asian session, 0.13% lower from 23:00GMT.
The pair has its first resistance at 110.33, followed by the next resistance at 112.18. On the other side, the first support is at 107.53, with the subsequent support at 106.58.
The pair is trading below its 20 Hr and 50 Hr moving averages.
