Crude Oil Movement
Crude Oil prices advanced 0.41% against the USD for the 24 hour period ending 23:00GMT, closing at 87.70, after stockpiles unexpectedly decreased in the US.
The US Energy Information Administration indicated that, for the week ended November 16, crude supplies fell by 1.5 million barrels. Gasoline supplies declined 1.5 million barrels, while distillate stocks dropped 2.7 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 87.52, 0.21% lower from yesterday’s close, after reports indicated that a ceasefire in the Gaza strip would reduce supply concerns, thereby shrugging off an upbeat Chinese manufacturing PMI.
Crude Oil is expected to find support at 86.63, and a fall through could take it to the next support level of 85.74. Crude Oil is expected to find its first resistance at 88.15, and a rise through could take it to the next resistance level of 88.78.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
