Crude Oil Movement
Crude Oil prices advanced 0.28% against the USD for the 24 hour period ending 23:00GMT, closing at 92.99, as the EIA revealed that US crude inventories rose less-than-expected last week.
Yesterday, the US Energy Information Administration reported that, in the week ended February 22, crude supplies rose by 1.1 million barrels, well below analysts’ calls for a rise of around 2.413 million barrels. Gasoline supplies fell 1.9 million barrels, while distillate stockpiles, climbed by 600,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.09, 0.11% higher from yesterday’s close.
Crude oil is expected to find support at 92.39, and a fall through could take it to the next support level of 91.69. Crude oil is expected to find its first resistance at 93.58, and a rise through could take it to the next resistance level of 94.07.
Crude Oil is trading just above its 20 Hr and 50 Hr moving averages.
