Crude Oil Movement
Oil prices declined 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 104.40, on investors’ concern over the unrest in the Middle East and North Africa.
The US Energy Information Administration reported that the crude supplies rose 2.5 million barrels for the week ended March 4. However, gasoline inventories declined 5.49 million barrels to 229.2 million, the biggest decline since September 2008, while supplies of distillate fuel, which includes heating oil and diesel, dropped 3.98 million barrels to 155.2 million, the lowest level since June.
At GMT 0400, Oil is trading at USD 104.73 per barrel in the Asian session, 0.32% higher from 23:00GMT.
The pair has its first resistance at 105.70, followed by the next resistance at 106.67. On the other side, the first support is at 103.98, with the subsequent support at 103.23.
The pair is showing convergence with its 20 Hr moving average and 50 Hr moving average.
