Crude Oil Movement
Crude Oil prices declined 3.14% against the USD for the 24 hour period ending 23:00GMT, closing at 86.16.
Yesterday, the Energy Information Administration (EIA) reported that, for the week ended April 12, crude supplies fell 1.2 million barrels. Distillate stockpiles increased by 2.4 million barrels, whereas gasoline supplies dropped by 600,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 86.43, 0.31% higher from yesterday’s close.
Crude oil is expected to find support at 85.04, and a fall through could take it to the next support level of 83.64. Crude oil is expected to find its first resistance at 88.40, and a rise through could take it to the next resistance level of 90.36.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
