Crude Oil Movement
Crude Oil prices advanced 0.90% against the USD for the 24 hour period ending 23:00GMT, closing at 103.81, after the Energy Information Administration (EIA) reported 7.2-million-barrels drop the US crude supplies, last week. Analysts had expected a modest decline of 300,000 barrels in the US crude supplies. However, crude oil imports in the US fell to its lowest level since 1997. Oil prices also received some support as a fresh outburst of violence in the Tripoli region of Libya heightened concerns on the supply-outlook of the commodity from the nation.
In the Asian session, at GMT0300, Crude Oil is trading at 104.02, 0.20% higher from yesterday’s close, after data showed that the HSBC manufacturing PMI in China, the world’s second largest importer of crude oil, rose more than market expectations for May.
Crude oil is expected to find support at 103.12, and a fall through could take it to the next support level of 102.23. Crude oil is expected to find its first resistance at 104.60, and a rise through could take it to the next resistance level of 105.19.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
