Crude oil Movement
Oil prices advanced 1.46% against the USD for the 24 hour period ending 23:00GMT, closing at 93.35, as concerns over falling North Sea output and optimism for more stimulus measures from both sides of the Atlantic supported the oil prices.
Late yesterday, the American Petroleum Institute (API) reported that the US crude oil supplies declined 5.4 million barrels in the week ended August 3. Gasoline inventories rose 417,000 barrels, while stockpiles of distillates rose 2.4 million barrels.
Investors are now awaiting the US Energy Information Administration (EIA) oil inventory report in the day ahead to offer further direction to oil prices.
In the Asian session, at GMT0300, Crude oil is trading at 93.29, 0.06% lower from yesterday’s close.
Crude oil is expected to find support at 91.91, and a fall through could take it to the next support level of 90.52. Crude oil is expected to find its first resistance at 94.55, and a rise through could take it to the next resistance level of 95.80.
Crude oil is trading just above its 20 Hr moving average and well above its 50 Hr moving average.
