Crude Oil Movement
Oil prices advanced 1.51% against the USD for the 24 hour period ending 23:00GMT, closing at 102.61, as the Fed Beige Book confirmed growth in the world’s largest economy. The Federal Reserve’s Beige Book report indicated that the US economy grew at modest to moderate levels in March helping to ease growth concerns.
The Energy Information Administration reported that crude supplies rose by 2.8 million barrels on the week ended April 6. Gasoline supplies declined 4.3 million barrels, and inventories of distillates, which include heating oil, fell 4.0 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 102.64, 0.03% higher from yesterday’s close.
Crude oil is expected to find support at 101.37, and a fall through could take it to the next support level of 100.10. Crude oil is expected to find its first resistance at 103.52, and a rise through could take it to the next resistance level of 104.40.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
