Crude Oil Movement
Crude Oil prices declined 1.45% against the USD for the 24 hour period ending 23:00GMT, closing at 92.61, after a report from the Energy Information Administration (EIA) showed that fuel stockpiles in the US rose more than expected, last week. Distillate stockpiles rose by 5.83 million barrels to 125 million, surpassing analysts’ estimate of a gain of 2.25 million, while gasoline inventories surged by 6.24 million barrels to 227 million, last week, the highest level since March. The report also revealed a less-than-expected fall of 2.68 million barrels in the level of the US crude oil inventories, during the week ended January 3. Analysts had expected the US crude oil supplies to decline 3.3 million barrels.
However, escalating tensions between the Libyan government and the militias occupying the nation’s oil facilities, kept the commodity’s losses in check.
In the Asian session, at GMT0400, Crude Oil is trading at 92.60, tad lower from yesterday’s close.
Crude oil is expected to find support at 91.85, and a fall through could take it to the next support level of 91.09. Crude oil is expected to find its first resistance at 93.77, and a rise through could take it to the next resistance level of 94.93.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
