Crude Oil prices advanced 1.50% against the USD for the 24 hour period ending 23:00GMT, closing at 96.64.
Yesterday, the American Petroleum Institute (API) reported a rise of 4.86 million barrels in the US crude inventories for the week ended January 17.
In the Asian session, at GMT0400, Crude Oil is trading at 96.49, 0.16% lower from yesterday’s close, after data revealed an unexpected drop in the manufacturing PMI of China, the world’s second largest consumer of crude oil.
Crude oil is expected to find support at 95.55, and a fall through could take it to the next support level of 94.61. Crude oil is expected to find its first resistance at 97.16, and a rise through could take it to the next resistance level of 97.83.
The Energy Information Administration (EIA) is expected to release its weekly US crude inventory report, later today.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
