Crude Oil Movement
Oil prices declined 1.13% against the USD for the 24 hour period ending 23:00GMT, closing at 105.48, amid rise in the US crude oil inventories.
The Energy Information Administration reported that the US crude oil inventories rose by 7.10 million barrels to 353.40 million for the week ended 23rd March. Gasoline inventories declined 3.54 million barrels, while distillate stocks fell 700,000 barrels.
Additionally, news that France is in continuous talk with the UK and the US for a possible release of strategic oil stocks, also weighed on oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 105.40, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 104.43, and a fall through could take it to the next support level of 103.47. Crude oil is expected to find its first resistance at 106.60, and a rise through could take it to the next resistance level of 107.81.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
