Crude Oil Movement
Crude Oil prices advanced 1.53% against the USD for the 24 hour period ending 23:00GMT, closing at 102.33, as a weaker US Dollar bolstered the demand-outlook while tensions in Ukraine weighed on the supply prospect of the commodity.
Crude prices also found some support from Energy Information Administration’s (EIA) monthly short-term energy outlook report that forecasted crude average price to rise to $95.60 a barrel this year, compared to previous forecast of $95.33. The report also revealed that the institution slashed its projections on US crude production to 8.37 million barrels per day in 2014 and to 9.13 million barrels per day in 2015.
Meanwhile, American Petroleum Institute (API) reported that US crude stockpiles rose by 7.1 million barrels last week, compared to analysts’ expectation for a rise of 1.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 102.47, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 101.27, and a fall through could take it to the next support level of 100.07. Crude oil is expected to find its first resistance at 103.19, and a rise through could take it to the next resistance level of 103.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
