Crude Oil Movement
Crude Oil prices advanced 0.44% against the USD for the 24 hour period ending 23:00GMT, closing at 103.49. However, a stronger US Dollar capped the gains of the commodity.
Late Wednesday, the American Petroleum Institute (API) reported a surprise drop in the weekly US crude inventories by 473,000 barrels, last week. Analysts had expected the US crude supplies to climb by 1.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 103.02, 0.45% lower from yesterday’s close, after HSBC manufacturing PMI in China fell unexpectedly in February.
Crude oil is expected to find support at 102.35, and a fall through could take it to the next support level of 101.67. Crude oil is expected to find its first resistance at 103.75, and a rise through could take it to the next resistance level of 104.47.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
