Crude Oil Movement
Oil prices declined 4.87% against the USD for the 24 hour period ending 23:00GMT, closing at 98.95, after an Energy Department report showed that US supplies surged and fuel demand slipped.
The EIA reported that the US crude oil inventories increased by 3.80 million barrels and gasoline stocks climbed 1.30 million barrels in the week ended May 6.
At GMT 0300, Oil is trading at USD 99.58 per barrel in the Asian session, 0.64% higher from 23:00GMT.
The pair has its first resistance at 103.50, followed by the next resistance at 107.43. On the other side, the first support is at 96.58, with the subsequent support at 93.59.
The pair is showing convergence with its 20 Hr and 50 Hr moving averages.
