Crude Oil Movement
Crude Oil prices advanced 0.45% against the USD for the 24 hour period ending 23:00GMT, closing at 99.86, after the American Petroleum Institute (API) reported that US crude stockpiles unexpectedly fell by 1.8 million barrels for the week ended 2 May 2014. Analysts had expected a gain of 1.3 million barrels in the weekly crude supplies data. Oil prices also received some support from a weaker US Dollar and media reports that highlighted closure of the Zultun and Raquba oilfields in Libya following fresh protests.
In the Asian session, at GMT0300, Crude Oil is trading at 100.08, 0.22% higher from yesterday’s close.
Crude oil is expected to find support at 99.47, and a fall through could take it to the next support level of 98.87. Crude oil is expected to find its first resistance at 100.55, and a rise through could take it to the next resistance level of 101.03.
Later today, traders would eye the Energy Information Administration’s (EIA) weekly inventory report on the US crude supplies.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
