Crude Oil Movement
Oil prices declined 0.14% against the USD for the 24 hour period ending 23:00GMT, closing at 106.88, after reports showed rise in the US crude oil stocks.
Late yesterday, the American Petroleum Institute reported that the US crude oil inventories rose 3.6 million barrels to 351.5 million for the week ended 23rd March. Distillate fuel inventories declined 1.45 million barrels, while Gasoline stockpiles rose 1.34 million.
Further, oil declined on news that the US government would release its strategic petroleum stockpiles in an effort to ease crude oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 106.79, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 106.30, and a fall through could take it to the next support level of 105.81. Crude oil is expected to find its first resistance at 107.50, and a rise through could take it to the next resistance level of 108.22.
Crude oil is trading below its 20 Hr and its 50 Hr moving averages.
