Crude Oil Movement
Crude Oil prices advanced 1.46% against the USD for the 24 hour period ending 23:00GMT, closing at 96.16, as a surge in US durable goods orders raised optimism over the demand for oil.
Late yesterday, the American Petroleum Institute reported that, for the week ended March 22, crude supplies rose 3.7 million barrels. Gasoline inventories dropped 2 million barrels, while distillate stockpiles declined by 1.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 96.10, marginally lower from yesterday’s close.
Crude Oil is expected to find support at 95.05, and a fall through could take it to the next support level of 94.00. Crude oil is expected to find its first resistance at 96.80, and a rise through could take it to the next resistance level of 97.50.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
