Crude Oil Movement
Crude Oil prices advanced 0.49% against the USD for the 24 hour period ending 23:00GMT, closing at 86.12, on concerns over near-term oil supplies in the US following a fierce storm that caused havoc across the northeastern part of the country.
Meanwhile, in its petroleum supply monthly report, the Energy Information Administration stated that oil demand in the US fell to 19.226 million barrels per day from last year, despite being up 74,000 bpd from a previous projection.
In the Asian session, at GMT0400, Crude Oil is trading at 86.29, 0.20% higher from yesterday’s close, after reports revealed that industrial activity in China improved in October, confirming a trend toward recovering growth.
Investors await weekly oil inventory statistics from the Energy Information Administration later today.
Crude Oil is expected to find support at 85.64, and a fall through could take it to the next support level of 84.98. Crude oil is expected to find its first resistance at 87.07, and a rise through could take it to the next resistance level of 87.84.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
