Crude Oil Movement
Crude Oil prices advanced 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 100.84, after the Energy Information Administration (EIA) reported a surprise 1.8-million-barrels drop in the US crude stockpiles for the week ended 5 May 2014. Analysts had expected the US crude supplies to register a gain of 1.4-million-barrel last week. Oil prices also received support from media reports that highlighted Libyan rebels’ unwillingness to deal with new Prime Minister, Ahmed Maiteeq on reopening four oil ports in the nation. However, Russian President, Vladimir Putin’s agreement to discuss a way out of Ukraine crisis eased some supply concerns of the commodity and limited the gains in oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 100.85, marginally higher from yesterday’s close.
Crude oil is expected to find support at 100.10, and a fall through could take it to the next support level of 99.34. Crude oil is expected to find its first resistance at 101.30, and a rise through could take it to the next resistance level of 101.74.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
