Crude Oil Movement
Oil prices declined 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 104.22, after a US government report showed sharp crude stocks rise.
The Energy Information Administration, reported that the US crude oil inventories increased by 2.9 million barrels to 355.7 million barrels for the week ended March 25. Gasoline inventories were down by 2.7 million barrels for the same week to 217 million barrels, while distillates added 700,000 barrels against an expected decline of 1.4 million barrels.
At GMT 0300, Oil is trading at USD 104.67 per barrel in the Asian session, 0.43% higher from 23:00GMT.
The pair has its first resistance at 105.40, followed by the next resistance at 106.13. On the other side, the first support is at 103.69, with the subsequent support at 102.71.
The pair is showing convergence with its 20 Hr and 50 Hr moving averages.
