AC: Crude Oil: Crude Trading Lower ahead of its US Stockpiles Report
Crude Oil: Crude Trading Lower ahead of its US Stockpiles Report
Crude Oil prices advanced 0.57% against the USD for the 24 hour period ending 23:00GMT, closing at 99.61, as the demand outlook improved after upbeat jobless claims data in the US added to signs of an improvement in the world's top crude consumer.
Yesterday, the United Nations stated that it was speeding up reinforcements to its peacekeeping force in the African state of Sudan, amid ferocious fighting in its oil-producing north.
On Tuesday, the American Petroleum Institute (API) reported that the US crude oil inventories rose 500,000 barrels for the week ended December 20.
In the Asian session, at GMT0400, Crude Oil is trading at 99.51, 0.10% lower from yesterday's close.
Crude oil is expected to find support at 99.12, and a fall through could take it to the next support level of 98.72. Crude oil is expected to find its first resistance at 99.84, and a rise through could take it to the next resistance level of 100.16.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
