Crude Oil Movement
Crude Oil prices advanced 0.43% against the USD for the 24 hour period ending 23:00GMT, closing at 95.96, buoyed by strong economic data from China, the Euro-zone and the US.
Yesterday, the US Energy Information Administration reported that gasoline inventories dropped by 1.70 million barrels in the week ended January 18, after increasing by 1.90 million barrels in the prior week. However, crude oil inventories rose by 2.80 million barrels to 363.10 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 95.78, 0.19% lower from yesterday’s close.
Crude oil is expected to find support at 95.17, and a fall through could take it to the next support level of 94.55. Crude Oil is expected to find its first resistance at 96.54, and a rise through could take it to the next resistance level of 97.29.
Crude Oil is trading just below its 20 Hr and 50 Hr moving averages.
