Crude Oil Movement
Crude Oil prices advanced 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 102.88, after the American Petroleum Institute (API) reported that the US crude supplies dropped by 10.3 million barrels for the week ended 16 May 2014. Oil prices also received some support amid lingering concerns over the Ukraine crisis and as reports from Libya showed that the nation’s El Feel and El Shahara oilfields were still shut even after official reports claimed that protest at the oilfields were over.
In the Asian session, at GMT0300, Crude Oil is trading at 102.90, a tad higher from yesterday’s close, ahead of the Energy Information Administration’s (EIA) weekly report on the US crude inventories.
Crude oil is expected to find support at 102.34, and a fall through could take it to the next support level of 101.78. Crude oil is expected to find its first resistance at 103.22, and a rise through could take it to the next resistance level of 103.54.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
