Crude Oil Movement
Crude Oil prices declined 1.29% against the USD for the 24 hour period ending 23:00GMT, closing at 95.55, as investor sentiment dented after the International Monetary Fund (IMF) lowered its 2013 global growth forecast. Oil prices also came under pressure, after US crude stockpiles gained and capacity on the Seaway pipeline was reduced.
Yesterday, the American Petroleum Institute (API) reported that for the week ended January 18, crude-oil supplies rose by 3.2 million barrels. However, gasoline inventories fell 1.6 million barrels, while distillate stocks increased 1.3 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 95.47, marginally lower from yesterday’s close.
Crude Oil is expected to find support at 94.64, and a fall through could take it to the next support level of 93.81. Crude Oil is expected to find its first resistance at 96.61, and a rise through could take it to the next resistance level of 97.75.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
