Crude Oil Movement
Oil prices advanced 0.52% against the USD for the 24 hour period ending 23:00GMT, closing at 103.69, after reports showed decline in US crude oil inventories.
Late yesterday, the American Petroleum Institute reported that crude oil inventories fell 960,000 barrels in the week to April 20. Gasoline stockpiles fell 3.6 million barrels for the week, while distillate inventories decreased 3.56 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.73, 0.04% higher from yesterday’s close.
Crude oil is expected to find support at 102.99, and a fall through could take it to the next support level of 102.24. Crude oil is expected to find its first resistance at 104.29, and a rise through could take it to the next resistance level of 104.84.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
