Crude Oil Movement
Oil prices advanced 1.30% against the USD for the 24 hour period ending 23:00GMT, closing at 107.34, as investors focused on upbeat US economic data and a sharp drop in gasoline inventories.
The Energy Information Administration reported that US supplies of crude increased by 1.6 million barrels for the week ended on April 8. Gasoline inventories decreased by 7 million barrels. Distillates supplies decreased by 2.7 million barrels.
At GMT 0300, Oil is trading at USD 107.35 per barrel in the Asian session, 0.01% higher from 23:00GMT.
The pair has its first resistance at 108.17, followed by the next resistance at 108.99. On the other side, the first support is at 105.92, with the subsequent support at 104.49.
The pair is showing convergence with its 20 Hr and 50 Hr moving averages.
