Crude Oil Movement
Crude Oil prices declined 0.96% against the USD for the 24 hour period ending 23:00GMT, closing at 95.70, after data from the American Petroleum Institute (API) indicated that crude oil inventories rose by 532,000 barrels in the week ending May 17th, while gasoline stocks increased by 3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 95.79, marginally higher from yesterday’s close.
Crude oil is expected to find support at 95.20, and a fall through could take it to the next support level of 94.62. Crude oil is expected to find its first resistance at 96.67, and a rise through could take it to the next resistance level of 97.56.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
