Crude oil Movement
Oil prices declined 1.33% against the USD for the 24 hour period ending 23:00GMT, closing at 91.69, as signs of deal between Iran and the UN nuclear watchdog eased worries about crude supplies and amid rise in the US crude oil inventories.
Late yesterday, the American Petroleum Institute (API) reported that the US crude oil inventories rose 1.5 million barrels in the week to May 18. Gasoline stockpiles fell 4.5 million barrels, while distillate stocks dipped 235,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 91.38, 0.34% lower from yesterday’s close, after World Bank cut growth forecast for China, second largest consumer of oil.
Crude oil is expected to find support at 90.63, and a fall through could take it to the next support level of 89.88. Crude oil is expected to find its first resistance at 92.56, and a rise through could take it to the next resistance level of 93.74.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
