Crude Oil Movement
Crude Oil prices advanced 0.90% against the USD for the 24 hour period ending 23:00GMT, closing at 100.16, after data showed that inventories at Cushing, Oklahoma, decreased for an eighth week, last week. Crude prices also found some support after a report showed that, due to political unrest, Libya produced only 171,000 barrels a day.
However, the gains in the commodity were capped after the Energy Information Administration (EIA) reported that US crude stockpiles rose 6.6 million barrels for the week ended 21 March. Analysts had expected a climb of 2.6 million barrels
In the Asian session, at GMT0400, Crude Oil is trading at 100.26, 0.10% higher from yesterday’s close.
Crude oil is expected to find support at 99.45, and a fall through could take it to the next support level of 98.63. Crude oil is expected to find its first resistance at 100.77, and a rise through could take it to the next resistance level of 101.27.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
