Crude Oil Movement
Crude Oil prices advanced 0.88% against the USD for the 24 hour period ending 23:00GMT, closing at 86.89, after a US government report indicated that oil supplies declined unexpectedly last week. Positive economic data from the US also supported the prices.
Yesterday, the Energy Information Administration (EIA) reported that crude supplies fell by 2 million barrels for the week ended October 26. Analysts had expected a 2 million barrel increase. Gasoline supplies rose 900,000 barrels, while distillate stocks fell 100,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 86.71, 0.21% lower from yesterday’s close.
Crude oil is expected to find support at 86.08, and a fall through could take it to the next support level of 85.45. Crude oil is expected to find its first resistance at 87.36, and a rise through could take it to the next resistance level of 88.01.
Crude Oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
