Crude Oil Movement
Oil prices advanced 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 97.88, over weakened US dollar which encouraged buying in dollar-priced commodities
The American Petroleum Institute reported that the inventories of crude oil rose 2.7 million barrels in the week ended May 13. Gasoline stocks fell 676,000 barrels and stockpiles of distillates were down 2.8 million.
At GMT 0300, Oil is trading at USD 97.81 per barrel in the Asian session, 0.07% lower from 23:00GMT.
The pair has its first resistance at 98.88, followed by the next resistance at 99.96. On the other side, the first support is at 95.87, with the subsequent support at 93.94.
The currency pair is showing convergence with its 50 Hr moving average and is trading just above its 20 Hr moving average.
