Crude Oil moved lower in quiet trade as investors continued to monitor escalating geopolitical tensions between Iran and the West. Some profit taking ahead of monetary policy decisions from the ECB and BoE due today weighed. Trade volumes were remain light on Wednesday, with NYMEX floor trading and US equity markets closed for the Independence Day holiday. Media outlets in Tehran reported that Iran had successfully tested medium-range missiles capable of hitting Israel in response to threats of military action against the country. Meanwhile, Iran's National Security and Foreign Policy Committee drafted a bill Monday proposing to block the Strait of Hormuz for oil tankers in response to a EU oil embargo on imports from Iran, which started on July 1. In other news, investors were awaiting the outcome of the ECB's policy meeting on Thursday, amid growing expectations for a rate cut to help bolster growth in the euro zone, following a recent string of weak economic data. Oil traders were also looking ahead to the US EIA’s closely-watched weekly report on US stockpiles of crude and refined products due out on Thursday, a day later than usual due to the Fourth of July holiday. Now technically market is getting support at 4752 and below could see a test of 4728 level, and resistance is now likely to be seen at 4792, a move above could see prices testing 4808.
Crude trading range for the day is 4728-4808.
Crude ended with gains as supply worries stoked by Iran's threat to block a key shipping lane
Iran's drafted a bill proposing to block the Strait of Hormuz for oil tankers in response to a EU oil embargo.
Today crude oil inventories: EXP: -1.6M PREV: -0.1M. Actual is at 8.30PM