Crude Oil Movement
Crude Oil prices advanced 0.10% against the USD for the 24 hour period ending 23:00GMT, closing at 97.34. However, a bearish US weekly inventory report, tepid retail sales numbers and fading Ukrainian kept the gains in check. The US Energy Information Administration (EIA) reported that the crude oil inventories in the US unexpectedly rose 1.4 million barrels for the week ended August 8, against market expectations of a 2.02 million barrels decline.
In the Asian session, at GMT0300, Crude Oil is trading at 97.31, tad lower from yesterday’s close.
Crude oil is expected to find support at 96.78, and a fall through could take it to the next support level of 96.25. Crude oil is expected to find its first resistance at 97.81, and a rise through could take it to the next resistance level of 98.31.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving average.
