Crude Oil Movement
Oil prices declined 3.06% against the USD for the 24 hour period ending 23:00GMT, closing at 99.87, after disappointing readings on US manufacturing and employment data and rise in the US crude oil supplies raised concerns over oil demand.
Late Wednesday, the American Petroleum Institute reported that oil stockpiles rose 3.5 million barrels in the week ended May 27. Gasoline stockpiles rose 1.5 million barrels, while distillate stocks fell 1.4 million barrels.
At GMT 0300, Oil is trading at USD 100.05 per barrel in the Asian session, 0.18% higher from 23:00GMT.
The pair has its first resistance at 102.38, followed by the next resistance at 104.70. On the other side, the first support is at 98.67, with the subsequent support at 97.28.
The pair is trading well below its 20 Hr and its 50 Hr moving averages.
