Crude Oil Movement
Crude Oil prices declined 0.67% against the USD for the 24 hour period ending 23:00GMT, closing at 102.80 after the Energy Information Administration (EIA) reported 973,000 barrels rise in the US crude supplies to 362.3 million, the highest level since 20 December. Analysts had projected the US crude inventories to rise by 2.25 million barrels, last week.
In the Asian session, at GMT0400, Crude Oil is trading at 102.78, slightly lower from yesterday’s close.
Crude oil is expected to find support at 102.47, and a fall through could take it to the next support level of 102.16. Crude oil is expected to find its first resistance at 103.27, and a rise through could take it to the next resistance level of 103.76.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
