Crude Oil Movement
Crude Oil prices advanced 1.58% against the USD for the 24 hour period ending 23:00GMT, closing at 97.16, after robust US consumer confidence data lifted demand growth prospects for oil.
However, gains were capped after the American Petroleum Institute (API) reported that the US crude inventories rose by 4.7 million barrels in the week to January 24 to 360.4 million, compared with analysts’ expectations for an increase of 2.3 million barrels. Meanwhile, sluggish durable goods numbers also led to the decline in the oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 97.17, tad higher from yesterday’s close.
Crude oil is expected to find support at 96.03, and a fall through could take it to the next support level of 94.90. Crude oil is expected to find its first resistance at 97.98, and a rise through could take it to the next resistance level of 98.80.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
