Crude Oil Movement
Crude Oil prices declined 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 101.58, after the Energy Information Administration (EIA) reported that US crude inventories rose by 3.5 million barrels to 397.6 million barrels for the week ended 11 April, the highest level in 83 years. However, escalating tensions between Russia and Ukraine and the latest batch of strong manufacturing PMI data from the Euro-zone, kept the commodity’s losses in check.
In the Asian session, at GMT0300, Crude Oil is trading at 101.67, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 101.22, and a fall through could take it to the next support level of 100.77. Crude oil is expected to find its first resistance at 102.10, and a rise through could take it to the next resistance level of 102.53.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
