Crude Oil Movement
Oil prices declined 1.14% against the USD for the 24 hour period ending 23:00GMT, closing at 101.08, after reports showed an increase in US crude oil stockpiles.
Late Tuesday, the American Petroleum Institute reported that crude oil stockpiles rose 6.6 million barrels for week ended April 6. Gasoline supplies rose 1.2 million barrels, while distillate stocks fell 476,000 barrels.
Separately, the International Monetary Fund stated that it expects prices of oil and other commodities to decline this year and next on the back of a weak global economic outlook, but warned that “sizable” threats to world growth could force a further fall.
In the Asian session, at GMT0300, Crude Oil is trading at 101.26, 0.18% higher from yesterday’s close.
Crude oil is expected to find support at 100.31, and a fall through could take it to the next support level of 99.36. Crude oil is expected to find its first resistance at 102.58, and a rise through could take it to the next resistance level of 103.90.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
