Crude Oil Movement
Crude Oil prices declined 1.87% against the USD for the 24 hour period ending 23:00GMT, closing at 93.06, after the EIA reported a larger-than-expected rise in crude stock piles, while the Euro-zone’s economic data disappointed investors.
Yesterday, the Energy Information Administration (EIA) reported that for the week ended February 15, crude supplies rose by 4.1 million barrels. Analysts had expected a 2 million-barrel rise. Gasoline supplies declined 2.9 million barrels, while distillate stockpiles dropped by 2.3 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.27, 0.23% higher from yesterday’s close.
Crude Oil is expected to find support at 92.37, and a fall through could take it to the next support level of 91.46. Crude oil is expected to find its first resistance at 94.44, and a rise through could take it to the next resistance level of 95.60.
Crude Oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
