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Categorized | Forex News

Crude Oil: Oil prices higher ahead of US crude oil inventories data

Posted on21 August 2012. Tags: , , ,


GCI Forex News - Crude Oil: Oil prices higher ahead of US crude oil inventories data

Crude Oil

Crude Oil Movement

Oil prices declined 0.44% against the USD for the 24 hour period ending 23:00GMT, closing at 95.82, amid demand concern following political uncertainty among Euro-zone leaders.

Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.

In the Asian session, at GMT0300, Crude Oil is trading at 95.98, 0.17% higher from yesterday’s close.

Crude oil is expected to find support at 95.16, and a fall through could take it to the next support level of 94.33. Crude oil is expected to find its first resistance at 96.67, and a rise through could take it to the next resistance level of 97.35.

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