Crude Oil Movement
Crude Oil prices declined 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 96.71, as the American Petroleum Institute reported that crude supplies rose 4.7 million barrels for the week ended March 29. However, gasoline inventories retreated 5.0 million barrels, while distillate stockpiles fell by 1.85 million barrels.
Oil prices also came under pressure from concerns emanating from a prolonged pipeline outage in the US Midwest.
In the Asian session, at GMT0300, Crude Oil is trading at 96.66, marginally lower from yesterday’s close.
Crude oil is expected to find support at 95.90, and a fall through could take it to the next support level of 95.14. Crude oil is expected to find its first resistance at 97.43, and a rise through could take it to the next resistance level of 98.20.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
