Crude Oil Movement
Crude Oil prices declined 0.71% against the USD for the 24 hour period ending 23:00GMT, closing at 91.26, after the US Energy Information Administration (EIA) and OPEC lowered their forecasts for growth in world oil demand in 2013.
The Organization of the Petroleum Exporting Countries (OPEC) stated that oil supplies would remain comfortable in the coming year and cut forecast for 2012 oil-demand growth by 100,000 barrels a day to 800,000 barrels a day. The group warned that next year’s demand faces “considerable uncertainties” that could lower its 2013 growth estimate by as much as 20%.
Additionally, the US EIA lowered its 2012 estimate for demand growth by 45,000 barrels per day (bpd) to 790,000 bpd and its 2013 estimate by 80,000 bpd to 920,000.
Late yesterday, the American Petroleum Institute reported that for the week ended October 5, crude oil supplies rose 1.65 million barrels. However, distillate stockpiles dropped by 6.2 million barrels, whereas gasoline inventories climbed by 2.5 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 91.56, 0.33% higher from yesterday’s close.
Crude oil is expected to find support at 90.50, and a fall through could take it to the next support level of 89.45. Crude oil is expected to find its first resistance at 93.14, and a rise through could take it to the next resistance level of 94.72.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
