Crude Oil Movement

On Friday, Oil prices advanced 2.31% against the USD for the 24 hour period ending 23:00GMT, closing at 80.17, as bargain hunters rebounded after a steep fall in oil prices in the earlier session.

The American Petroleum Institute, in its monthly report, stated that the crude oil consumption rose 0.4% in May at 8.815 million bpd.

Oil prices also received support amid supply concerns after the threat of a storm shut nearly a quarter of US offshore crude and gas output.

In the Asian session, at GMT0300, Crude Oil is trading at 79.97, 0.25% lower from Friday’s close, as tropical storm, Debby moved away from oil rigs and natural-gas platforms in the Gulf of Mexico.

Crude oil is expected to find support at 78.13, and a fall through could take it to the next support level of 76.28. Crude oil is expected to find its first resistance at 81.25, and a rise through could take it to the next resistance level of 82.52.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.