Crude Oil Movement
Crude Oil prices declined 0.71% against the USD for the 24 hour period ending 23:00GMT, closing at 93.44, as the sixth straight contraction in the US New York-area manufacturing sector and fight over the US debt ceiling stoked concerns over fuel demand.
Later, the American Petroleum Institute (API) reported that for the week ended January 11, crude-oil supplies rose by 46,000 barrels. Gasoline inventories climbed 4.1 million barrels while distillate stocks fell 568,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.60, 0.17% higher from yesterday’s close.
Crude Oil is expected to find support at 93.07, and a fall through could take it to the next support level of 92.53. Crude Oil is expected to find its first resistance at 94.29, and a rise through could take it to the next resistance level of 94.97.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
