Crude Oil Movement
Crude Oil prices advanced 0.68% against the USD for the 24 hour period ending 23:00GMT, closing at 93.52, as tepid GDP and jobless claims data eased concerns that the US Federal Reserve would begin to gradually scale back its policy of stimulating growth.
The Energy Information Administration (EIA) reported that, the US crude oil supplies rose 3 million barrels to 397.6 million barrels for the week ended May 24, marking the highest level since the EIA began collecting data in 1978.
In the Asian session, at GMT0300, Crude Oil is trading at 93.66, 0.15% higher from yesterday’s close.
Crude oil is expected to find support at 92.21, and a fall through could take it to the next support level of 90.76. Crude oil is expected to find its first resistance at 94.55, and a rise through could take it to the next resistance level of 95.44.
Crude oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
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