Crude Oil Movement
Oil prices declined 1.55% against the USD for the 24 hour period ending 23:00GMT, closing at 106.33, as investors continued profit booking amid worries that recent price hike might curb demand for crude oil and after the US orders for durable goods dropped larger-than-forecasted in January.
Late Yesterday, American Petroleum Institute reported that the crude oil stocks rose 521,000 barrels for the week ended 24 February. Distillate fuel inventories fell 3.31 million barrels, while gasoline stockpiles dropped 916,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 106.80, 0.44% higher from yesterday’s close.
Crude oil is expected to find support at 105.76, and a fall through could take it to the next support level of 104.71. Crude oil is expected to find its first resistance at 108.30, and a rise through could take it to the next resistance level of 109.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
