Crude Oil Movement
Crude Oil prices advanced 1.14% against the USD for the 24 hour period ending 23:00GMT, closing at 97.76, amid speculation that an extreme cold weather in the US could boost the demand for the commodity.
Late Tuesday, the American Petroleum Institute (API) reported a 384,000 barrels rise in the US crude stockpiles last week. Analysts had projected a rise of 2.55 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 97.65, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 96.72, and a fall through could take it to the next support level of 95.79. Crude oil is expected to find its first resistance at 98.23, and a rise through could take it to the next resistance level of 98.81.
Later today, the Energy Information Administration (EIA) is expected to present a report on the US crude inventory level, for the week ended January 31..
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
