Crude Oil Movement
Crude Oil prices declined 0.41% against the USD for the 24 hour period ending 23:00GMT, closing at 97.36.
Yesterday, the Energy Information Administration (EIA) reported a 440,000 barrels rise in the US crude stockpiles for the week ended January 31. Analysts had expected the US crude supplies to climb 1.5 million barrels, last week.
In the Asian session, at GMT0400, Crude Oil is trading at 97.50, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 96.78, and a fall through could take it to the next support level of 96.06. Crude oil is expected to find its first resistance at 98.24, and a rise through could take it to the next resistance level of 98.98.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
