Crude Oil Movement
Crude Oil prices declined 1.78% against the USD for the 24 hour period ending 23:00GMT, closing at 92.16, as late Tuesday, the Cypriot parliament overwhelmingly rejected a measure imposing taxes on bank deposits, thereby raising concern that Europe’s debt crisis would deepen and impact oil demand.
Separately, the American Petroleum Institute reported that, for the week ended March 15, crude supplies fell 413,000 barrels. Analysts had expected a 2 million-barrel rise. Gasoline inventories climbed 278,000 barrels, while distillate stockpiles fell 1.3 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 92.32, 0.17% higher from yesterday’s close.
Crude oil is expected to find support at 91.54, and a fall through could take it to the next support level of 90.75. Crude oil is expected to find its first resistance at 93.60, and a rise through could take it to the next resistance level of 94.87.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
