Crude Oil Movement
Crude Oil prices advanced 1.90% against the USD for the 24 hour period ending 23:00GMT, closing at 94.37, after the Energy Information Administration (EIA) reported a decline in US crude inventories, for the seventh consecutive week.
The EIA report revealed that the US crude stockpiles fell by 7.66 million barrels to 350.2 million, in the week ended January 7, 2014. Meanwhile, improved prospects of the US economy, continued to underpin oil prices. However, expectations for an increase in Iranian crude exports and recovering Libyan output capped the gains in crude prices.
In the Asian session, at GMT0400, Crude Oil is trading at 94.18, 0.20% lower from yesterday’s close.
Crude oil is expected to find support at 92.87, and a fall through could take it to the next support level of 91.57. Crude oil is expected to find its first resistance at 95.06, and a rise through could take it to the next resistance level of 95.95.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
