Crude Oil Movement
Crude Oil prices advanced 0.64% against the USD for the 24 hour period ending 23:00GMT, closing at 92.73, as upbeat US consumer confidence and new home sales data helped lift investor sentiment.
Late Tuesday, the American Petroleum Institute reported that, for the week ended February 22, crude supplies climbed 904,000 barrels. Analysts had expected a 2.6 million-barrel rise. Gasoline inventories declined by 1.4 million barrels, while distillate stockpiles dropped 1.7 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 92.63, 0.11% lower from yesterday’s close.
Crude Oil is expected to find support at 91.99, and a fall through could take it to the next support level of 91.34. Crude oil is expected to find its first resistance at 93.36, and a rise through could take it to the next resistance level of 94.08.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
