Crude oil Movement
Oil prices declined 1.26% against the USD for the 24 hour period ending 23:00GMT, closing at 106.39, after Saudi Arabia, the world’s largest oil exporter, stated that the nation would ensure adequate global supplies of crude oil to stabilize the market and prices and could increase output by 25% immediately if needed, easing the supply concern.
Late yesterday, American Petroleum Institute reported that the US crude supplies fell 1.4 million barrels for the week ended 16th March. Gasoline stockpiles slid 1.4 million barrels, while distillate stocks rose 596,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 106.59, 0.19% higher from yesterday’s close, after the American Petroleum Institute showed an unexpected decline in crude stockpiles last week.
Crude oil is expected to find support at 105.41, and a fall through could take it to the next support level of 104.23. Crude oil is expected to find its first resistance at 107.71, and a rise through could take it to the next resistance level of 108.83.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
