Crude Oil Movement
Oil prices advanced 1.65% against the USD for the 24 hour period ending 23:00GMT, closing at 92.58, over speculation that the European leaders would push Greece to accept their rescue plan.
On Wednesday, the US Energy Information Administration (EIA) reported that, in the week ended October 28, crude supplies rose by 1.8 million barrels to 339.5 million barrels. Gasoline supplies grew by 1.4 million barrels to 206.3 million barrels, whereas stockpiles of distillates declined by 3.6 million barrels to 141.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 91.77, 0.87% lower from yesterday’s close.
Crude oil is expected to find support at 90.68, and a fall through could take it to the next support level of 89.58. Crude oil is expected to find its first resistance at 93.33, and a rise through could take it to the next resistance level of 94.88.
The pair is showing convergence with its 50 Hr and is trading below its 20 Hr moving average.
