CrudeOil Movement
Oil prices advanced 1.18% against the USD for the 24 hour period ending 23:00GMT, closing at 113.48, after the US Federal Reserve signaled no change in its monetary policy.
In the US, the Energy Information Administration reported that the crude oil inventories increased by 6.20 million barrels to 363.10 million barrels on the week ended on April 22nd. Meanwhile, the gasoline inventories declined by 2.50 million barrels last week, after decreasing by 1.60 million barrels in the prior week.
At GMT 0300, Oil is trading at USD 113.37 per barrel in the Asian session, 0.10% lower from 23:00GMT.
The pair has its first resistance at 114.48, followed by the next resistance at 115.59. On the other side, the first support is at 111.50, with the subsequent support at 109.63.
The pair is showing convergence with its 50 Hr moving average and is trading just below its 20 Hr moving average.
