Crude Oil Movement
Oil prices declined 0.43% against the USD for the 24 hour period ending 23:00GMT, closing at 105.40, as weak economic data in Europe and the US dampened demand outlook.
Crude-oil further declined after US crude-oil inventories rose to their highest levels since September 1990. The Energy Information Administration report showed that that US crude oil inventories rose 2.8 million barrels to 375.9 million barrels for week ended April 27.
In the Asian session, at GMT0300, Crude Oil is trading at 105.08, 0.30% lower from yesterday’s close.
Crude oil is expected to find support at 104.64, and a fall through could take it to the next support level of 104.21. Crude oil is expected to find its first resistance at 105.78, and a rise through could take it to the next resistance level of 106.49.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
