Crude Oil Movement
Crude Oil prices rose 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 104.50, following a drop in US oil inventories and amid worries over supplies from the Middle East and North Africa.
Yesterday, a state of emergency was declared by the Egyptian government following clashes between police and supporters of ousted President Mohamed Mursi, stoking fear among oil traders that unrest could choke key supply routes or spill over into key oil producing nations.
The US Energy Information Administration in its weekly report stated that the US crude oil inventories fell by 2.8 million barrels in the week ended August 9, compared to expectations for a decline of 1.5 million barrels.
Oil prices were also supported on rising demand prospects, after economic data from Europe showed that the economies of Germany and France grew more quickly than expected in the second quarter, pulling the Euro-zone out of an 18-month recession.
In the Asian session, at GMT0300, Crude Oil is trading at 107.13, 0.16% higher from yesterday’s close.
Crude oil is expected to find support at 106.04, and a fall through could take it to the next support level of 104.96. Crude oil is expected to find its first resistance at 107.77, and a rise through could take it to the next resistance level of 108.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
