Crude Oil Movement
Crude Oil prices jumped 2.30% against the USD for the 24 hour period ending 23:00GMT, closing at 91.54, after the US Energy Information Administration reported that crude supplies climbed by 900,000 barrels for the week ended April 19, which was much lower than the expected gain of 1.2 million barrels. Gasoline supplies retreated 3.9 million barrels, distillate stockpiles added 100,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 91.87, 0.36% higher from yesterday’s close.
Crude oil is expected to find support at 90.08, and a fall through could take it to the next support level of 88.30. Crude oil is expected to find its first resistance at 92.79, and a rise through could take it to the next resistance level of 93.72.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
