Crude Oil Movement
Crude Oil prices traded flat against the USD for the 24 hour period ending 23:00GMT, closing at 92.77.
Oil prices came under pressure after the US Federal Reserve policy makers signaled that they may end a stimulus program this year, raising concern that the economic recovery may falter in the world’s biggest crude user.
Late yesterday, the American Petroleum Institute reported that the crude-oil supplies dropped by 12 million barrels for the week ended December 28. Gasoline inventories rose 3.3 million barrels while distillate stocks climbed 6.7 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 92.19, 0.63% lower from yesterday’s close.
Crude oil is expected to find support at 91.79, and a fall through could take it to the next support level of 91.38. Crude oil is expected to find its first resistance at 92.95, and a rise through could take it to the next resistance level of 93.70.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
