Crude Oil Movement
Crude Oil prices advanced 0.99% against the USD for the 24 hour period ending 23:00GMT, closing at 100.41, after an official report revealed that the inventories at Cushing, Oklahoma, the delivery point for the contract, dropped for a seventh week. Additionally, crude prices received support after the Federal Reserve in its monthly policy meeting presented an optimistic outlook for the US economy and further stated that there is sufficient underlying strength in the broader economy for it to keep tapering.
Meanwhile, the Energy Information Administration (EIA) reported a more-than-expected rise of 5.9 million barrels in the US crude stockpiles for the week ended 14 March. Analysts had expected a climb of 2.6 million barrels in the US crude stockpiles.
In the Asian session, at GMT0400, Crude Oil is trading at 100.71, 0.30% higher from yesterday’s close.
Crude oil is expected to find support at 99.82, and a fall through could take it to the next support level of 98.93. Crude oil is expected to find its first resistance at 101.16, and a rise through could take it to the next resistance level of 101.61.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
