Crude Oil Movement
Crude Oil prices declined 0.17% against the USD for the 24 hour period ending 23:00GMT, closing at 100.23, after the Energy Information Administration (EIA) reported a more-than-expected rise in the US crude supplies by 3.3 million barrels, for the week ended 7 February. Analysts had projected the crude oil inventories to climb 2.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 99.85, 0.38% lower from yesterday’s close.
Crude oil is expected to find support at 99.31, and a fall through it could take it to the next support level of 98.76. Crude oil is expected to find its first resistance at 100.89, and should the barrier be overcome, the next resistance level lies at 101.92.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
