Crude Oil Movement
Oil prices advanced 2.05% against the USD for the 24 hour period ending 23:00GMT, closing at 102.34.
Crude futures closed above $102 a barrel Wednesday, after an unexpected decline in last week’s US oil inventories and continuing political turmoil in the Middle East raised concerns about global supplies.
The EIA report showed that the US commercial crude oil inventories decreased by 0.4 million barrels from the previous week, to reach 346.4 million barrels.
At GMT 0400, Oil is trading at USD 102.54 per barrel in the Asian session, 0.20% higher from 23:00GMT.
The pair has its first resistance at 103.72, followed by the next resistance at 104.91. On the other side, the first support is at 100.58, with the subsequent support at 98.63.
The pair is trading above its 20 Hr moving average and well above its 50 Hr moving average.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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