Crude Oil Movement
Oil prices declined 1.69% against the USD for the 24 hour period ending 23:00GMT, closing at 101.48, after reports showed an increase in crude oil inventories.
The Energy Information Administration reported that crude-oil supplies rose 2.2 million barrels in the week ended 30th December. Gasoline inventories rose 2.5 million, and supplies of distillates rose 3.2 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 101.40, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 100.56, and a fall through could take it to the next support level of 99.71. Crude oil is expected to find its first resistance at 102.99, and a rise through could take it to the next resistance level of 104.57.
The pair is trading below its 20 Hr and 50 Hr moving averages.
