- Crude Oil Movement
Oil prices advanced 0.77% against the USD for the 24 hour period ending 23:00GMT, closing at 92.40, extending its previous session gains, amid concerns over tight supply.
Late Tuesday, the American Petroleum Institute reported that, in the week ended October 21, crude-oil inventories climbed 2.7 million barrels. Gasoline stockpiles advanced 153,000 barrels, whereas inventories of distillates dropped 1.8 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 93.00, 0.65% higher from yesterday’s close.
Crude oil is expected to find support at 91.18, and a fall through could take it to the next support level of 89.37. Crude oil is expected to find its first resistance at 94.73, and a rise through could take it to the next resistance level of 96.47.
The pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
