Crude Oil Movement
Oil prices advanced 2.37% against the USD for the 24 hour period ending 23:00GMT, closing at 104.78, as investors monitored developments in the Middle East.
The American Petroleum Institute reported that crude oil supplies in the US rose 970,000 barrels for the week ended March 18. Meanwhile, gasoline stocks declined 7.9 million barrels. Additionally, supplies of distillates, which include heating oil and diesel, declined 612,000 barrels.
At GMT 0400, Oil is trading at USD 104.76 per barrel in the Asian session, 0.02% lower from 23:00GMT.
The pair has its first resistance at 106.29, followed by the next resistance at 107.82. On the other side, the first support is at 102.32, with the subsequent support at 99.88.
The pair is trading just above its 20 Hr and 50 Hr moving averages.
