Crude Oil Movement
Crude Oil prices declined marginally against the USD for the 24 hour period ending 23:00GMT, closing at 93.82.
Yesterday, the US Energy Information Administration (EIA) reported that US crude-oil supplies slipped 6.3 million barrels for the week ended May 31, to 391.3 million barrels. Also, gasoline supplies retreated by 400,000 barrels, while distillate stockpiles climbed by 2.6 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 93.76, marginally lower from yesterday’s close.
Crude oil is expected to find support at 93.29, and a fall through could take it to the next support level of 92.81. Crude oil is expected to find its first resistance at 94.36, and a rise through could take it to the next resistance level of 94.95.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
