Crude Oil Movement
Crude Oil prices declined 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 97.11, after reports showed a rise in oil stockpiles.
Yesterday, Energy Information Administration reported that crude supplies climbed by 600,000 barrels for the week ended 8th February. Gasoline supplies fell 800,000 barrels, while distillate stockpiles declined 3.7 million barrels.
Oil prices were further pressurized, after reports showed that International Energy Agency (IEA) cut its 2013 oil demand projection to 90.7 million barrels per day (bpd), down 90,000 bpd from an earlier forecast last month.
In the Asian session, at GMT0400, Crude Oil is trading at 96.88, 0.24% lower from yesterday’s close.
Crude oil is expected to find support at 96.30, and a fall through could take it to the next support level of 95.73. Crude oil is expected to find its first resistance at 97.78, and a rise through could take it to the next resistance level of 98.69.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
