Crude Oil Movement
Crude Oil prices advanced 0.71% against the USD for the 24 hour period ending 23:00GMT, closing at 96.64, as positive services PMI data from the Euro-zone, Germany and UK coupled with reports that US budget deficit estimates dropped below $1 trillion lifted investor sentiment.
Late yesterday, the American Petroleum Institute (API) reported that, for the week ended February 1, crude supplies rose 3.6 million barrels. Gasoline inventories climbed 1.6 million barrels, while distillate stockpiles fell 1.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 96.61, marginally lower from yesterday’s close.
Crude Oil is expected to find support at 95.99, and a fall through could take it to the next support level of 95.37. Crude oil is expected to find its first resistance at 97.15, and a rise through could take it to the next resistance level of 97.69.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
