Crude Oil Movement
Crude Oil prices advanced 0.49% against the USD for the 24 hour period ending 23:00GMT, closing at 85.71.
Late yesterday, the American Petroleum Institute reported that crude oil inventories rose 2.1 million barrels for the week ended October 26. Gasoline stocks declined 173,000 barrels, while distillate stockpiles dropped 2.6 million barrels.
Additionally, the US Energy Department stated that it would be delaying the Energy Information Administration’s weekly oil inventory report at least until Thursday, depending on the extent of the storm damage.
In the Asian session, at GMT0400, Crude Oil is trading at 85.87, 0.19% higher from yesterday’s close, as US refineries began to resume operations after the massive post-tropical storm Sandy wreaked havoc across the northeastern US.
Crude Oil is expected to find support at 85.27, and a fall through could take it to the next support level of 84.66. Crude oil is expected to find its first resistance at 86.36, and a rise through could take it to the next resistance level of 86.84.
Crude Oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
