Crude Oil Movement
Crude Oil prices advanced 0.53% against the USD for the 24 hour period ending 23:00GMT, closing at 96.67. However, gains were limited after the US Energy Information Administration reported that crude supplies rose 3.3 million barrels for the week ended March 22. Gasoline supplies declined by 1.6 million barrels and distillate stockpiles fell by 4.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 96.61, marginally lower from yesterday’s close.
Crude Oil is expected to find support at 95.85, and a fall through could take it to the next support level of 95.08. Crude oil is expected to find its first resistance at 97.11, and a rise through could take it to the next resistance level of 97.60.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
