Crude Oil Movement
Crude Oil ended its losing streak and advanced 1.84% against the USD for the 24 hour period ending 23:00GMT, closing at 88.95, as the API registered a drop in crude supplies.
Late yesterday, the American Petroleum Institute (API) reported that crude supplies declined 6.7 million barrels for the week ended April 12. Gasoline inventories rose 253,000 barrels and distillate stockpiles climbed by 1.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 88.67, 0.31% lower from yesterday’s close.
Crude oil is expected to find support at 86.86, and a fall through could take it to the next support level of 85.06. Crude oil is expected to find its first resistance at 89.78, and a rise through could take it to the next resistance level of 90.90.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
