Crude Oil Movement
Oil prices advanced 1.06% against the USD for the 24 hour period ending 23:00GMT, closing at 104.28, as positive European economic data and IMF boosting its global growth outlook, revived hopes that global demand for oil would increase.
Late yesterday, the American Petroleum Institute reported that crude-oil supplies rose 3.4 million barrels for the week ended April 13. Gasoline inventories fell 2.6 million barrels, while distillate inventories fell 2.4 million.
In the Asian session, at GMT0300, Crude Oil is trading at 104.24, 0.04% lower from yesterday’s close.
Crude oil is expected to find support at 102.91, and a fall through could take it to the next support level of 101.59. Crude oil is expected to find its first resistance at 105.31, and a rise through could take it to the next resistance level of 106.39.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
