Crude Oil Movement
Oil prices declined 0.82% against the USD for the 24 hour period ending 23:00GMT, closing at 104.05, after the Federal Reserve indicated in its meeting minutes that it sees no need for new monetary easing, however remains concerned about the global slowdown.
Additionally, oil came under pressure after US factory orders climbed less-than-expected in February and amid rising crude oil inventories.
Late yesterday, the American Petroleum Institute reported that the US crude oil inventories climbed 7.8 million barrels in the week to March 30. Gasoline stocks slipped 4.5 million barrels, and distillate stocks declined 1.4 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.73, 0.31% lower from yesterday’s close.
Crude oil is expected to find support at 103.16, and a fall through could take it to the next support level of 102.58. Crude oil is expected to find its first resistance at 104.74, and a rise through could take it to the next resistance level of 105.74.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
