Crude Oil Movement
Crude Oil prices declined 2.32% against the USD for the 24 hour period ending 23:00GMT, closing at 94.47, after the US Energy Information Administration (EIA) registered the highest jump in 22 years in US crude stockpiles.
The US EIA reported that, in the week ended March 29, crude supplies rose 2.7 million barrels, well above market forecasts for a gain of 2.2 million barrels. Gasoline supplies dropped by 600,000 barrels, while distillate stockpiles fell by 2.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 94.38, 0.10% lower from yesterday’s close.
Crude oil is expected to find support at 93.40, and a fall through could take it to the next support level of 92.43. Crude oil is expected to find its first resistance at 96.13, and a rise through could take it to the next resistance level of 97.89.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
