Crude Oil Movement
Crude Oil prices advanced 1.07% against the USD for the 24 hour period ending 23:00GMT, closing at 92.61, drawing support from American Petroleum Institute’s (API) data, which indicated a 4.1 million-barrel drop in the level of US crude supplies, for the week ended January 10. Analysts had expected the US crude supplies to decline by 1.6 million barrels, last week. However, the gains in the prices of crude oil were capped after the US Dollar gained ground against its counterparts and after one of the leading brokers trimmed its 2014 price forecast for crude oil by 10.1% to $88.75 per barrel, and by 10.5% to $85.00 per barrel for 2015.
In the Asian session, at GMT0400, Crude Oil is trading at 92.61, flat from yesterday’s close.
Crude oil is expected to find support at 91.99, and a fall through could take it to the next support level of 91.38. Crude oil is expected to find its first resistance at 93.05, and a rise through could take it to the next resistance level of 93.50.
Traders keenly await Energy Information Administration’s (EIA) weekly crude supplies data, slated for release later today, for further cues in the commodity.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
