Crude Oil Movement
Crude Oil prices advanced 1.22% against the USD for the 24 hour period ending 23:00GMT, closing at 86.28, as Israel’s launch of an offensive against Palestinian militants in Gaza, killed a Hamas military leader, which sent oil prices higher on fears that fighting could aggravate tensions across Middle East and threaten oil supply.
Late Wednesday, the American Petroleum Institute reported that crude oil supplies rose 1.35 million barrels for the week ended November 9. Meanwhile, distillate stocks rose by 184,000 barrels, while gasoline inventories declined 103,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 86.34, marginally higher from yesterday’s close.
Crude oil is expected to find support at 85.30, and a fall through could take it to the next support level of 84.25. Crude Oil is expected to find its first resistance at 87.02, and a rise through could take it to the next resistance level of 87.69.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
