Crude Oil Movement
Crude Oil prices declined 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 95.45.
Yesterday, the American Petroleum Institute (API) released its crude oil inventory data indicating that, stock piles in the US, the world’s largest oil consumer increased by 680,000 barrels during the week ended May 3. Meanwhile, the US Energy Information Administration (EIA) cut its 2013 forecast for crude-oil prices, citing increased production outside the Organization of Petroleum Exporting Countries.
In the Asian session, at GMT0300, Crude Oil is trading at 95.64, 0.20% higher from yesterday’s close.
Data from the EIA is scheduled to be released later in the day, wherein traders expect to show a gain of 2 million barrels.
Crude oil is expected to find support at 94.95, and a fall through could take it to the next support level of 94.27. Crude oil is expected to find its first resistance at 96.29, and a rise through could take it to the next resistance level of 96.95.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
