Crude Oil Movement
Oil prices advanced 0.80% against the USD for the 24 hour period ending 23:00GMT, closing at 100.67.
In the US, the Energy Information Administration reported that the commercial crude oil inventories increased by 2.90 million barrels to 373.80 million barrels for the week ended on May27. Gasoline stocks increased by 2.6 million barrels and distillates fell by 1 million barrels.
At GMT 0300, Oil is trading at USD 100.57 per barrel in the Asian session, 0.10% lower from 23:00GMT.
The pair has its first resistance at 101.51, followed by the next resistance at 102.46. On the other side, the first support is at 99.04, with the subsequent support at 97.52.
The pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
