Crude Oil Movement
Oil prices declined 3.70% against the USD for the 24 hour period ending 23:00GMT, closing at 97.64.
In the US, API stated that crude-oil supplies rose by 91,000 barrels in the week ended March 11, less than market expectations. The gasoline stocks fell by 458,000 barrels and the distillates supplies were down by 531,000 barrels
At GMT 0400, Oil is trading at USD 96.81 per barrel in the Asian session, 0.85% lower from 23:00GMT.
The pair has its first resistance at 99.09, followed by the next resistance at 101.36. On the other side, the first support is at 95.38, with the subsequent support at 93.94.
The pair is trading well below its 20 Hr and 50 Hr moving averages.
