Crude Oil Movement
Oil prices advanced 0.27% against the USD for the 24 hour period ending 23:00GMT, closing at 103.97, after the Federal Open Market Committee stated that it expects US economic growth to remain moderate over the coming quarters and then to pick up gradually, increasing demand hopes for the oil.
Separately, the Energy Information Administration reported that crude oil supplies rose 4.0 million barrels for week ended April 20. Gasoline inventories fell 2.2 million barrels in the week, while stockpiles of distillates fell 3.1 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 104.06, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 103.26, and a fall through could take it to the next support level of 102.45. Crude oil is expected to find its first resistance at 104.72, and a rise through could take it to the next resistance level of 105.37.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
