Crude Oil Movement
Crude Oil prices advanced 0.54% against the USD for the 24 hour period ending 23:00GMT, closing at 94.49.
The US Energy Information Administration (EIA) reported that, crude oil supplies increased 0.3 million barrels for the week ending April 5, as compared to a rise of 2.7million barrels reported in the prior week. Market had expected crude oil inventories to rise by 1.2 million barrels during last week. During the same week, gasoline reserves added 1.70 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 94.39, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 93.59, and a fall through could take it to the next support level of 92.78. Crude oil is expected to find its first resistance at 95.01, and a rise through could take it to the next resistance level of 95.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
