Crude Oil Movement
Crude Oil prices advanced 1.45% against the USD for the 24 hour period ending 23:00GMT, closing at 99.44, as data pointed to a stabilisation in the US housing sector and after Enterprise Products Partners LP announced an expansion in capacity of its Seaway pipeline as early as May, enabling the delivery of more than 850,000 barrels per day of oil to Houston from Cushing, Oklahoma.
Yesterday, the American Petroleum Institute reported that the crude supplies climbed more than twice what the market expected. The API stated that crude inventories rose 5.9 million barrels for the week ended March 14. Analysts had forecast a climb of 2.6 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 99.46, marginally higher from yesterday’s close.
Crude oil is expected to find support at 98.31, and a fall through could take it to the next support level of 97.17. Crude oil is expected to find its first resistance at 100.19, and a rise through could take it to the next resistance level of 100.93.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
