Crude Oil Movement
Oil prices declined 1.60% against the USD for the 24 hour period ending 23:00GMT, closing at 91.08, after proposal for a Greek referendum raised worries about the eurozone bailout package ability to contain the debt crisis.
Late Tuesday, the American Petroleum Institute reported that, in the week ended October 28, crude oil inventories dropped 156,000 barrels. Gasoline stocks edged down 1.1 million barrels and distillate stocks retreated 3.4 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 91.46, 0.42% higher from yesterday’s close.
Crude oil is expected to find support at 89.52, and a fall through could take it to the next support level of 87.59. Crude oil is expected to find its first resistance at 93.04, and a rise through could take it to the next resistance level of 94.63.
Crude Oil is trading between its 20 Hr and 50 Hr moving averages.
