Crude Oil Movement
Oil prices declined 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 95.26.
Yesterday, the Energy Information Administration recorded an increase of 3.8 million barrels in crude stockpiles for the week ended August 24. Meanwhile, gasoline inventories retreated 1.5 million and distillates rose 900,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 95.02, 0.25% lower from yesterday’s close.
Crude oil is expected to find support at 94.4, and a fall through could take it to the next support level of 93.77. Crude oil is expected to find its first resistance at 96.01, and a rise through could take it to the next resistance level of 96.99.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
