Crude Oil Movement
Crude Oil prices advanced 0.58% against the USD for the 24 hour period ending 23:00GMT, closing at 92.59, boosted by global oil demand outlook report from the Organization of Petroleum Exporting Countries (OPEC) and as crude oil inventories in the US fell.
Yesterday, the OPEC indicated that global oil demand is set to grow 800,000 barrels per day in 2013, unchanged from its previous forecast and in line with the pace of growth seen in 2012.
Additionally, the American Petroleum Institute reported that, crude supplies dropped by 1.4 million barrels for the week ended March 8. Meanwhile, the gasoline inventories retreated by 3.1 million barrels, while distillate stockpiles fell 2.2 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 92.68, 0.10% higher from yesterday’s close.
Crude oil is expected to find support at 91.70, and a fall through could take it to the next support level of 90.71. Crude oil is expected to find its first resistance at 93.57, and a rise through could take it to the next resistance level of 94.45.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
