Crude Oil Movement
Crude Oil prices advanced 1.28% against the USD for the 24 hour period ending 23:00GMT, closing at 93.34, after the EIA recorded an unexpected drop in oil supplies last week.
Yesterday, the Energy Information Administration (EIA) reported that, for the week ended March 15, crude supplies dropped 1.3 million barrels. Market had expected a 2 million-barrel rise. Gasoline supplies fell by 1.5 million barrels, while distillate stockpiles declined by 700,000 barrels.
Meanwhile, according to the US EIA’s short-term energy outlook, the nation’s oil production would outpace imports by 2 million barrels per day by 2014.
In the Asian session, at GMT0400, Crude Oil is trading at 93.24, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 92.47, and a fall through could take it to the next support level of 91.70. Crude oil is expected to find its first resistance at 93.77, and a rise through could take it to the next resistance level of 94.30.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
