Crude Oil Movement
Crude Oil prices declined 0.51% against the USD for the 24 hour period ending 23:00GMT, closing at 90.43, as a larger-than-expected rise in the US inventories dented investor sentiment.
Yesterday, the US Energy Information Administration reported that, for the week ended March 1, crude supplies increased by 3.8 million barrels, larger than the expected 1.1 million-barrel rise. Gasoline supplies declined 600,000 barrels, while distillate stockpiles declined by 3.8 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 90.43, flat from yesterday’s close.
Crude oil is expected to find support at 89.62, and a fall through could take it to the next support level of 88.80. Crude oil is expected to find its first resistance at 91.18, and a rise through could take it to the next resistance level of 91.92.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
