Crude Oil Movement
On Friday, Crude Oil prices advanced 0.45% against the USD for the 24 hour period ending 24:00GMT, closing at 93.19, after official data revealed that crude oil inventories dropped more than expected last week and amid a stronger-than-expected US jobs data.
On Friday, the Energy Information Administration reported that, crude supplies for the week ended December 28 retreated by 11 million barrels. Analysts had expected a 1 million barrel decline. Meanwhile, gasoline supplies rose by 2.6 million barrels while distillate stocks increased 4.6 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 92.85, 0.36% lower from Friday’s close.
Crude Oil is expected to find support at 91.84, and a fall through could take it to the next support level of 90.82. Crude oil is expected to find its first resistance at 93.56, and a rise through could take it to the next resistance level of 94.26.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
