Crude Oil Movement
Crude Oil prices advanced 0.12% against the USD for the 24 hour period ending 23:00GMT, closing at 89.48, after the API registered an unexpected drop in crude stockpiles last week.
Late yesterday, the American Petroleum Institute (API) reported that, US crude supplies declined 845,000 barrels for the week ending April 19, against the expectations for an increase of 1.4 million barrels. Gasoline inventories fell 2.7 million barrels while distillate stockpiles rose by 666,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 89.31, 0.19% lower from yesterday’s close.
Crude oil is expected to find support at 88.19, and a fall through could take it to the next support level of 87.07. Crude oil is expected to find its first resistance at 90.04, and a rise through could take it to the next resistance level of 90.77.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
