Crude Oil Movement
Crude Oil prices added 0.27% against the USD for the 24 hour period ending 23:00GMT, closing at 106.55, as worries over supplies from OPEC nations, Libya and Iraq supported oil prices.
Yesterday, the American Petroleum Institute (API) reported that the US oil inventories fell by 999,000 barrels for the week ended August 9. Gasoline stockpiles climbed 1.7 million, while distillate supplies rose by 1.1 million last week.
In the Asian session, at GMT0300, Crude Oil is trading at 106.57, marginally higher from yesterday’s close.
Crude oil is expected to find support at 105.69, and a fall through could take it to the next support level of 104.80. Crude oil is expected to find its first resistance at 107.33, and a rise through could take it to the next resistance level of 108.08.
Crude oil is showing convergence with its 20 Hr and is trading above 50 Hr moving average.
