Crude Oil Movement
Oil prices advanced 0.69% against the USD for the 24 hour period ending 23:00GMT, closing at 108.58, after the North Atlantic Treaty Organization (NATO) escalated its air campaign over Libya, raising concern that the conflict would spread to other energy-exporting countries in the region.
The Energy Information Administration reported that the US crude-oil supplies rose 2 million barrels in the week ended April 1. Meanwhile, gasoline inventories slipped 400,000 barrels, while distillate stocks, including heating oil and diesel, rose 200,000 barrels.
At GMT 0300, Oil is trading at USD 108.42 per barrel in the Asian session, 0.15% lower from 23:00GMT.
The pair has its first resistance at 109.07, followed by the next resistance at 109.72. On the other side, the first support is at 107.84, with the subsequent support at 107.26.
Crude Oil is showing convergence with 20 Hr moving average and is trading slightly above its 50 Hr moving average.
