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Categorized | Forex News

Crude Oil: Oil trading lower this morning, EIA inventory data awaited

Posted on20 June 2012. Tags: , , ,

Crude Oil

Crude Oil Movement

Oil prices advanced 1.03% against the USD for the 24 hour period ending 23:00GMT, closing at 83.97.

Late yesterday, the American Petroleum Institute (API) stated that the US crude stocks fell 550,000 barrels for the week ended June 15. Distillate stockpiles fell by 269,000 barrels while gasoline inventories rose by 1.1 million barrels. Investors await the Energy Information Administration (EIA) US oil stockpile report later today, to offer guidance to oil prices.

Meanwhile, the two-day talks between Iran and six world powers in Moscow did not secure a breakthrough, but the parties agreed to hold a technical follow-up meeting in Istanbul on July 3.

In the Asian session, at GMT0300, Crude Oil is trading at 83.91, 0.07% lower from yesterday’s close.

Crude oil is expected to find support at 82.66, and a fall through could take it to the next support level of 81.41. Crude oil is expected to find its first resistance at 84.78, and a rise through could take it to the next resistance level of 85.65.

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