Crude Oil: EIA reported a 10 million barrels surge in the US crude stockpiles

Crude Oil

Crude Oil Movement

Crude Oil prices advanced 0.11% against the USD for the 24 hour period ending 23:00GMT, closing at 103.90, as concerns over clashes between pro-Russia militants and Ukrainian forces continued to support prices of crude oil. However, gains in the commodity were capped after the Energy Information Administration (EIA) reported a 10 million barrels surge in the US crude stockpiles for the week ended 11 April. The rise in US crude supplies last week was most since March 2001 and way above analysts’ expectations for a climb of 2.4 million barrels.

In the Asian session, at GMT0300, Crude Oil is trading at 104.03, 0.13% higher from yesterday’s close.

Crude oil is expected to find support at 103.10, and a fall through could take it to the next support level of 102.18. Crude oil is expected to find its first resistance at 104.97, and a rise through could take it to the next resistance level of 105.92.

Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.

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