Crude Oil Movement
Crude Oil prices advanced 0.19% against the USD for the 24 hour period ending 23:00GMT, closing at 96.82.
Yesterday, the US Energy Information Administration reported that, for the week ended February 1, crude supplies rose 2.6 million barrels, compared to expectations for an increase of 2.7 million barrels. Gasoline supplies rose by 1.7 million barrels, whereas distillate stocks fell 1 million barrel.
In the Asian session, at GMT0400, Crude Oil is trading at 96.79, marginally lower from yesterday’s close.
Crude Oil is expected to find support at 95.56, and a fall through could take it to the next support level of 94.32. Crude oil is expected to find its first resistance at 97.51, and a rise through could take it to the next resistance level of 98.22.
Crude Oil is trading above its 20 Hr and 50 Hr moving average.
