Crude Oil Movement
Oil prices advanced 0.53% against the USD for the 24 hour period ending 23:00GMT, closing at 104.41, lifted by doubts over the resumption of Libyan crude exports and as US stock market rallied.
Late yesterday, the American Petroleum Institute reported that the crude-oil inventories rose 5.7 million barrels for the week ended on March 25. Gasoline stocks declined 1.9 million barrels and inventories of distillates, which include diesel and heating oil, slid 112,000 barrels.
At GMT 04.00, Oil is trading at USD 104.26 per barrel in the Asian session, 0.14% lower from 23:00GMT.
The pair has its first resistance at 105.27, followed by the next resistance at 106.28. On the other side, the first support is at 102.98, with the subsequent support at 101.70.
The pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
