Crude Oil Movement
Oil prices advanced 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 105.86, supported by positive manufacturing data from the US and China that lifted hopes of higher oil demand at the world’s top two energy consumers.
Late yesterday, American Petroleum Institute reported that crude oil stockpiles rose 2.0 million barrels in the week to April 27. Gasoline stockpiles fell by 3.9 million barrels, while distillate inventories decreased 4.2 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 105.91, 0.05% higher from yesterday’s close.
Crude oil is expected to find support at 104.72, and a fall through could take it to the next support level of 103.54. Crude oil is expected to find its first resistance at 106.76, and a rise through could take it to the next resistance level of 107.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
