Crude Oil Movement
Oil prices declined 1.41% against the USD for the 24 hour period ending 23:00GMT, closing at 102.81, after reports showed more-than-expected rise in US crude oil inventories.
Yesterday, the Energy Information Administration report showed that crude oil inventories jumped 3.90 million barrels for the week ended April 13. Market had expected oil inventories to rise by 400,000 barrels. Gasoline inventories fell 3.70 million, while distillates stockpiles decreased 2.9 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 102.74, 0.07% lower from yesterday’s close.
Crude oil is expected to find support at 101.78, and a fall through could take it to the next support level of 100.83. Crude oil is expected to find its first resistance at 104.10, and a rise through could take it to the next resistance level of 105.47.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
