Crude Oil Movement
Crude Oil prices advanced 0.59% against the USD for the 24 hour period ending 23:00GMT, closing at 90.89, as investor sentiment improved following positive economic data from Europe and the US.
Late yesterday, the American Petroleum Institute (API) reported that, for the week ended March 1, crude supplies rose 5.6 million barrels, whereas market had expected a 1.1 million barrels rise. Gasoline inventories dropped by 914,000 barrels and distillate stockpiles fell 1.7 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 91.07, 0.20% higher from yesterday’s close, on uncertainty as oil traders turn their attention to the death of Hugo Chavez, the President of major South American crude producer Venezuela.
Crude oil is expected to find support at 90.34, and a fall through could take it to the next support level of 89.60. Crude oil is expected to find its first resistance at 91.49, and a rise through could take it to the next resistance level of 91.90.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
