Crude oil Movement
Oil prices declined 0.57% against the USD for the 24 hour period ending 23:00GMT, closing at 92.87, amid rise in US crude oil inventories.
The Energy Information Administration (EIA) reported the US crude oil inventories rose 2.13 million barrels for the week ended May 11.Gasoline stocks fell 2.8 million barrels and distillate inventories fell 0.96 million barrel.
Oil prices also came under further pressure following news that the US would ask other countries to release spare oil reserves in the Group of Eight meeting this weekend.
In the Asian session, at GMT0300, Crude Oil is trading at 93.19, 0.34% higher from yesterday’s close.
Crude oil is expected to find support at 91.95, and a fall through could take it to the next support level of 90.70. Crude oil is expected to find its first resistance at 94.30, and a rise through could take it to the next resistance level of 95.40.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
