Crude Oil Movement
Crude Oil prices declined 3.85% against the USD for the 24 hour period ending 23:00GMT, closing at 91.90, after more-than-expected rise in the US crude oil inventories.
The Energy Information Administration (EIA) reported that the US crude oil inventories rose 8.5 million barrels in the week ending at September 14, compared to expectations around 2.5 million barrel. Gasoline inventories fell 1.41 million barrels while distillate stocks dropped 322,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 91.76, 0.04% lower from yesterday’s close.
Crude oil is expected to find support at 89.95, and a fall through could take it to the next support level of 88.14. Crude oil is expected to find its first resistance at 94.87, and a rise through could take it to the next resistance level of 97.98.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
