Crude Oil Movement
Oil prices weakened 0.45% against the USD for the 24 hour period ending 23:00GMT, closing at 107.84, pressured by an interest rate hike in China though concerns over Middle East and Libya and potential supply disruptions limited losses.
The American Petroleum Institute reported that the crude supplies declined 2.8 million barrels. Gasoline stocks climbed 568,000 barrels and stocks of distillates, which include heating oil and diesel, fell 1 million barrels.
At GMT 0300, Oil is trading at USD 108.12 per barrel in the Asian session, 0.26% higher from 23:00GMT.
The pair has its first resistance at 108.66, followed by the next resistance at 109.20. On the other side, the first support is at 107.54, with the subsequent support at 106.96.
Crude oil price is showing convergence with its 20 Hr and 50 Hr moving averages.
