Crude oil Movement
Oil prices declined 0.81% against the USD for the 24 hour period ending 23:00GMT, closing at 93.40, as more-than-expected rise in the US crude oil inventories and concerns over Greece’s exit from the Euro-zone weighed on the outlook for demand growth.
Late yesterday, American Petroleum Institute (API) reported that US crude oil inventories rose 6.6 million barrels for the week ended May 11, far above from the forecast of 1.7 million barrels rise. Gasoline stocks fell 2.6 million barrels, while distillate stocks declined 1.6 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 92.81, 0.63% lower from yesterday’s close.
Crude oil is expected to find support at 91.91, and a fall through could take it to the next support level of 91.02. Crude oil is expected to find its first resistance at 94.59, and a rise through could take it to the next resistance level of 96.38.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
