Crude oil Movement
Oil prices declined 0.85% against the USD for the 24 hour period ending 23:00GMT, closing at 96.40, after reports showed rise in the US crude oil inventories.
The Energy Information Administration (EIA) reported that crude inventories rose 3.7 million barrels for the week ended May 4. Gasoline supplies down 2.6 million barrels, and inventories of distillates fell 3.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 96.50, 0.1% higher from yesterday’s close.
Crude oil is expected to find support at 95.48, and a fall through could take it to the next support level of 94.46. Crude oil is expected to find its first resistance at 97.22, and a rise through could take it to the next resistance level of 97.94.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
