Crude Oil Movement
Crude Oil prices declined 1.79% against the USD for the 24 hour period ending 23:00GMT, closing at 93.99, as the EIA registered a smaller-than-expected drop in crude inventories.
Yesterday, the US Energy Information Administration reported that crude supplies declined by 338,000 barrels for the week ended May 17. Market had expected a 1.2 million-barrel decline. Meanwhile, Gasoline supplies rose by 3 million barrels, while distillate stockpiles fell 1.1 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 93.64, 0.37% lower from yesterday’s close.
Crude oil is expected to find support at 92.71, and a fall through could take it to the next support level of 91.78. Crude oil is expected to find its first resistance at 95.38, and a rise through could take it to the next resistance level of 97.12.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
