Crude Oil Movement
Crude Oil prices advanced 0.64% against the USD for the 24 hour period ending 23:00GMT, closing at 93.98.
In the Asian session, at GMT0300, Crude Oil is trading at 93.89, 0.10% lower from yesterday’s close.
Oil pared its previous session gains after the US Energy Information Administration (EIA) cut its world oil demand forecast for 2013 by 50,000 barrels per day to 960,000 bpd. Also, in its monthly forecast, the agency cut its growth estimate for oil demand in 2014 by 70,000 bpd to 1.33 million bpd.
Late yesterday, the American Petroleum Institute (API) in its weekly oil inventory report, indicated that oil stockpiles advanced 5.1 million barrels for the week ended April 5. Additionally, gasoline inventories rose 1.96 million barrels while distillate stockpiles fell by 1.3 million barrels last week.
Crude oil is expected to find support at 93.01, and a fall through could take it to the next support level of 92.12. Crude oil is expected to find its first resistance at 94.63, and a rise through could take it to the next resistance level of 95.36.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
