Crude Oil Movement
Oil prices declined 0.85% against the USD for the 24 hour period ending 23:00GMT, closing at 97.23, amid rise in the US crude oil inventories.
Late yesterday, American Petroleum Institute (API) reported that crude oil inventories rose 7.8 million barrels for the week ended 4th May. Distillate stocks fell 2.7 million barrels, while gasoline stocks plunged 5.0 million barrels.
Separately, the Saudi Oil Minister Ali al-Naimi stated that the country is pumping around 10 million barrels per day (bpd) and is storing 80 million barrels to meet any sudden disruption in supplies.
In the Asian session, at GMT0300, Crude Oil is trading at 96.61, 0.64% lower from yesterday’s close.
Crude oil is expected to find support at 95.44, and a fall through could take it to the next support level of 94.28. Crude oil is expected to find its first resistance at 97.86, and a rise through could take it to the next resistance level of 99.12.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
