Crude Oil Movement
Crude Oil prices declined 1.46% against the USD for the 24 hour period ending 23:00GMT, closing at 99.48 after the American Petroleum Institute (API) reported 2.63 million barrels rise in the US crude inventories for the week ended 7 March 2014. Meanwhile, growing concerns over China’s economic growth further weighed on crude oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 99.53, marginally higher from yesterday’s close.
Crude oil is expected to find support at 98.73, and a fall through could take it to the next support level of 97.92. Crude oil is expected to find its first resistance at 100.93, and a rise through could take it to the next resistance level of 102.32.
Later today, the Energy Information Administration (EIA) would publish a report on the US crude supplies for last week.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
