Crude Oil Movement
Crude Oil prices traded a tad lower against the USD for the 24 hour period ending 23:00GMT, closing at 82.73, after the American Petroleum Institute (API) showed a 1.2 million barrel increase in the US crude oil inventories, during the week ended October 17.
Crude oil prices remained above $82 per barrel after a report revealed that motor-fuel inventories slumped to a two-year low level in the US, the biggest oil consumer.
In the Asian session, at GMT0300, the pair is trading at 82.52, with oil trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 81.64, and a fall through could take it to the next support level of 80.76. The pair is expected to find its first resistance at 83.33, and a rise through could take it to the next resistance level of 84.14.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
