Crude Oil Movement
Crude Oil prices advanced 1.01% against the USD for the 24 hour period ending 23:00GMT, closing at 96.41, after the US Energy Information Administration (EIA) stated that, during the week ending May 3, crude oil inventory rose 230,000 barrels to 395.5 million barrels, compared to an estimate for a rise of 2.0 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 96.70, 0.30% higher from yesterday’s close.
Crude oil is expected to find support at 95.70, and a fall through could take it to the next support level of 94.71. Crude oil is expected to find its first resistance at 97.23, and a rise through could take it to the next resistance level of 97.77.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
