Crude Oil Movement
Crude Oil prices declined 0.21% against the USD for the 24 hour period ending 23:00GMT, closing at 104.29, as a weekly report from the American Petroleum Institute (API) showed that US crude inventories rose by 1.45 million barrels for the week ended 6 June 2014. Separately, the Energy Information Administration (EIA), in its monthly ‘Short-Term Energy Outlook’ report, revealed that total crude production in the US averaged to 8.4 million barrels per day in May, its highest level in 26 years. The US agency also raised its price-forecast on crude prices to $98.67 per barrel in 2014, compared to its May’s estimate of $96.59 a barrel. Meanwhile, ahead of the OPEC meeting in Vienna, ministers, citing a well-supplied market, hinted that the organisation would leave its output target of 30 million barrels per day unchanged.
In other oil related news, Russian Deputy Energy Minister, Kirill Molodtsov, stated that the nation’s Pacific port of Kozmino would pump in around 24.6 million tonnes of oil this year, compared to 21.3 million tonnes of oil exports in the previous year.
In the Asian session, at GMT0300, Crude Oil is trading at 104.47, 0.17% higher from yesterday’s close.
Crude oil is expected to find support at 103.95, and a fall through could take it to the next support level of 103.42. Crude oil is expected to find its first resistance at 105.03, and a rise through could take it to the next resistance level of 105.58.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
