Crude Oil Movement
Oil prices declined 1.95% against the USD for the 24 hour period ending 23:00GMT, closing at 97.26, after the report showed an increase in crude oil inventories.
In the US, the Energy Information Administration reported that oil inventories rose 2.3 million barrels in the week ended July 22. Gasoline inventories rose 1 million barrels, while supplies of distillates, which include heating oil and diesel, increased by 3.4 million barrels.
At GMT 0300, Oil is trading at USD 97.26 per barrel in the Asian session, flat from 23:00GMT.
The pair has its first resistance at 98.81, followed by the next resistance at 100.35. On the other side, the first support is at 96.43, with the subsequent support at 95.59.
The pair is trading below its 20 Hr and its 50 Hr moving averages.
