Crude Oil Movement
Crude Oil prices declined 0.83% against the USD for the 24 hour period ending 23:00GMT, closing at 96.88.
The Energy Information Administration reported that US crude oil inventories stood at 365.60 million barrels last week, dropping by 1.8 million barrels against the market anticipated decline of 1.7 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 97.09, 0.22% higher from yesterday’s close.
Crude oil is expected to find support at 96.48, and a fall through could take it to the next support level of 95.86. Crude oil is expected to find its first resistance at 97.92, and a rise through could take it to the next resistance level of 98.74.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
