Crude Oil prices declined 0.22% against the USD for the 24 hour period ending 23:00GMT, closing at 92.39, after the EIA posted a larger-than-expected rise in crude oil stock piles. Yesterday, the US Energy Information Administration (EIA) reported that for the week ended March 8, crude inventories rose 2.6 million-barrel. Market had expected a rise of 2.3 million barrels. Gasoline supplies fell by 3.6 million barrels, while distillate stockpiles rose by 100,000 barrels.
Oil prices were earlier supported after data showed that US retail sales increased more-than-expected in February, the latest sign of momentum for the US economy facing headwinds from higher taxes.
In the Asian session, at GMT0400, Crude Oil is trading at 92.29, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 91.67, and a fall through could take it to the next support level of 91.04. Crude oil is expected to find its first resistance at 93.16, and a rise through could take it to the next resistance level of 94.02.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.