Crude Oil Movement
Oil prices declined 1.30% against the USD for the 24 hour period ending 23:00GMT, closing at 95.70, amid persisting doubts over the Euro-zone’s debt crisis.
The Energy Information Administration reported that crude inventories declined 1.4 million barrels for the week ended 4th November. Gasoline inventories declined 2.1 million barrels, while distillates supplies declined 6.0 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 95.57, 0.14% lower from yesterday’s close.
Crude oil is expected to find support at 94.13, and a fall through could take it to the next support level of 92.68. Crude oil is expected to find its first resistance at 97.43, and a rise through could take it to the next resistance level of 99.28.
Crude Oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
