Crude Oil Movement
Oil prices declined 1.93% against the USD for the 24 hour period ending 23:00GMT, closing at 102.04, amid report showing a higher-than-expected rise in the US oil inventories.
The Energy Information Administration reported an increase in crude stockpiles by 9 million barrels in the week ended March 30. Gasoline inventories declined 1.5 million barrels, while supplies of distillates were unchanged.
In the Asian session, at GMT0300, Crude Oil is trading at 102.21, 0.17% higher from yesterday’s close.
Crude oil is expected to find support at 100.94, and a fall through could take it to the next support level of 99.67. Crude oil is expected to find its first resistance at 103.62, and a rise through could take it to the next resistance level of 105.03.
Crude oil is converging with its 20 Hr and trading below its 50 Hr moving average.
