Crude Oil Movement
Crude Oil prices declined 4.06% against the USD for the 24 hour period ending 23:00GMT, closing at 84.68, amid concerns over the fiscal crisis in the US and as the Europe’s crisis swung back into focus after European Central Bank Chairman, Mario Draghi, stated that the Euro-zone economy would remain weak in the near term.
Additionally, crude oil prices came under pressure after the Energy Information Administration reported that crude supplies increased by 1.8 million barrels for the week ended November 2. Gasoline supplies rose 2.9 million barrels, while distillate stocks climbed 100,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 84.96, 0.33% higher from yesterday’s close.
Crude oil is expected to find support at 83.07, and a fall through could take it to the next support level of 81.19. Crude oil is expected to find its first resistance at 87.82, and a rise through could take it to the next resistance level of 90.69.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
