Crude Oil Movement
Crude Oil prices advanced 0.34% against the USD for the 24 hour period ending 23:00GMT, closing at 100.40, after the Energy Information Administration (EIA) slashed its 2014 crude oil production forecast by 100,000 barrels per day to 8.4 million bpd, and 2015 crude production by 100,000 bpd to 9.2 million bpd.
Yesterday, the American Petroleum Institute (API) reported that the US crude inventories advanced by 2.1 million barrels during the week ended 7 February.
In the Asian session, at GMT0400, Crude Oil is trading at 100.37, slightly lower from yesterday’s close.
Crude oil is expected to find support at 99.78, and a fall through could take it to the next support level of 99.19. Crude oil is expected to find its first resistance at 100.78, and a rise through could take it to the next resistance level of 101.19.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
