Crude Oil Movement
Crude Oil prices advanced 0.75% against the USD for the 24 hour period ending 23:00GMT, closing at 94.14, after the EIA inventory data showed an unexpected drop in the US crude-oil stockpile.
Yesterday, the data from the US Energy Information Administration showed that crude oil stocks fell by 951,000 barrels for the week ended January 11, surprising the oil traders who were expecting an increase of 2.27 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.86, 0.30% lower from yesterday’s close.
Crude Oil is expected to find support at 93.19, and a fall through could take it to the next support level of 92.51. Crude Oil is expected to find its first resistance at 94.45, and a rise through could take it to the next resistance level of 95.03.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
