Crude Oil Movement
Crude Oil prices advanced 0.47% against the USD for the 24 hour period ending 23:00GMT, closing at 102.45, after the Energy Information Administration (EIA) reported a less-than-expected rise of 68,000 barrels in the US crude supplies to 362.4 million, for the week ended 21 February. Analysts had expected a gain of 1.28 million barrels in the weekly US crude inventories. However, a stronger US Dollar capped the gains in the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 102.31, 0.14% lower from yesterday’s close.
Crude oil is expected to find support at 101.63, and a fall through could take it to the next support level of 100.94. Crude oil is expected to find its first resistance at 102.95, and a rise through could take it to the next resistance level of 103.58.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
