Crude Oil Movement
Crude Oil prices advanced 0.66% against the USD for the 24 hour period ending 23:00GMT, closing at 97.56, after the US Energy Information Administration (EIA) stated that the world oil demand would increase faster than previously expected in 2013 and as the OPEC lifted its forecast for global oil demand.
The EIA raised its forecast for oil demand by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013, taking global demand to 90.2 million bpd this year after the 12-member Organization of the Petroleum Exporting Countries (OPEC) indicated in its own monthly market report that world oil consumption would expand quicker than previously thought.
Late yesterday, the American Petroleum Institute reported that, for the week ended February 8, crude supplies declined by 2.3 million barrels. Gasoline inventories declined 810,000 barrels, while distillate stockpiles fell 1.1 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 97.60, marginally higher from yesterday’s close.
Crude oil is expected to find support at 96.92, and a fall through could take it to the next support level of 96.25. Crude oil is expected to find its first resistance at 98.03, and a rise through could take it to the next resistance level of 98.47.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
