CrudeOil Movement
Oil prices advanced 0.23% against the USD for the 24 hour period ending 23:00GMT, closing at 106.81, amid signs that the US economy is strengthening after data showed the nation’s retail sales rose the most in five months in February. Additionally, the Federal Reserve’s statement that it expects “moderate economic growth” as the labor market is gathering strength also pushed oil prices higher.
Late yesterday, American Petroleum Institute reported that crude oil inventories rose 2.8 million barrels in the week ended 9th March. Gasoline stockpiles dropped 2.1 million barrels, while distillate stocks slipped 3.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading steady from yesterday’s close at 106.80.
Crude oil is expected to find support at 105.86, and a fall through could take it to the next support level of 104.93. Crude oil is expected to find its first resistance at 107.54, and a rise through could take it to the next resistance level of 108.29.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
