Crude oil Movement
Oil prices declined 0.72% against the USD for the 24 hour period ending 23:00GMT, closing at 99.19, after a report showed a sharp rise in last week’s US crude inventories.
Late yesterday, the American Petroleum Institute (API) reported that crude-oil supplies rose 7.3 million barrels for the week ended January 20. Gasoline inventories declined 573,000 barrels, while distillate inventories fell 2.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 99.17, 0.02% lower from yesterday’s close.
Crude oil is expected to find support at 98.22, and a fall through could take it to the next support level of 97.27. Crude oil is expected to find its first resistance at 100.15, and a rise through could take it to the next resistance level of 101.13.
Crude oil is converging with its 20 Hr and its 50 Hr moving averages.
