Crude Oil Movement
Crude Oil prices declined 0.11% against the USD for the 24 hour period ending 23:00GMT, closing at 93.18, as investors speculated that crude stockpiles would rise this week in the US after contracting notably during the previous week.
The American Petroleum Institute reported later that, for the week ended January 4, crude oil supplies rose by 2.4 million barrels. Gasoline inventories advanced 7.9 million barrels and distillate stocks climbed 5.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 92.97, 0.23% lower from yesterday’s close.
Crude Oil is expected to find support at 92.50, and a fall through could take it to the next support level of 92.03. Crude oil is expected to find its first resistance at 93.62, and a rise through could take it to the next resistance level of 94.27.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
