Crude Oil Movement
Oil prices declined 0.92% against the USD for the 24 hour period ending 23:00GMT, closing at 84.13, following the EIA report showing an increase in oil stockpiles.
The Energy Information Administration reported that crude oil inventories rose 1.3 million barrels for the week ended 7th October. Gasoline stockpiles declined 4.10 million barrels, and supplies of distillates dropped 2.90 million barrels.
In the Asian session, at GMT0300, the pair is trading at 84.14, with the crude oil trading flat from yesterday’s close.
Crude oil is expected to find support at 83.08, and a fall through could take it to the next support level of 82.01. Crude oil is expected to find its first resistance at 85.30, and a rise through could take it to the next resistance level of 86.45.
Oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
