Crude Oil Movement
Oil prices advanced 0.63% against the USD for the 24 hour period ending 23:00GMT, closing at 105.44, as fight in Libya and antigovernment protests in the Middle East rose supply concerns.
The Energy Information Administration reported that inventories of crude oil rose 2.1 million barrels for the week ended March 18. Gasoline stockpiles declined 5.3 million barrels, while stockpiles of distillates, which include diesel and heating oil, were flat for
the week.
At GMT 0400, Oil is trading at USD 105.38 per barrel in the Asian session, 0.06% lower from 23:00GMT.
The pair has its first resistance at 106.35, followed by the next resistance at 107.32. On the other side, the first support is at 104.40, with the subsequent support at 103.42.
The pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
