Crude Oil Movement
Crude Oil prices declined 0.09% against the USD for the 24 hour period ending 23:00GMT, closing at 99.28, after the American Petroleum Institute reported that US crude stockpiles rose 6.3 million barrels last week, as compared to analysts’ forecasts of a 2.7 million barrels increase.
However, losses were reversed after the US consumer confidence came in better-than-expected in March, thereby increasing the prospects for the world’s biggest economy, which would also augur well for energy demand. Additionally, news about disruption in supply from Nigeria and Libya further supported prices.
In the Asian session, at GMT0400, Crude Oil is trading at 99.40, 0.12% higher from yesterday’s close, ahead of the Energy Information Administration (EIA) report on the weekly US crude supplies.
Crude oil is expected to find support at 98.72, and a fall through could take it to the next support level of 98.03. Crude oil is expected to find its first resistance at 100.17, and a rise through could take it to the next resistance level of 100.93.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
