Crude Oil Movement
Crude Oil prices advanced 2.18% against the USD for the 24 hour period ending 23:00GMT, closing at 103.83, as a weakness in the US private sector employment data bolstered the prospect for the Fed to continue with its asset purchase programme for a longer time.
However, the gains were capped after the Energy Information Administration (EIA) reported a more-than-expected surge in the level of the US stockpiles by 5.5 million barrels, for the week ended September, 27.
In the Asian session, at GMT0300, Crude Oil is trading at 103.67, 0.15% lower from yesterday’s close.
Crude oil is expected to find support at 101.99, and a fall through could take it to the next support level of 100.31. Crude oil is expected to find its first resistance at 104.79, and a rise through could take it to the next resistance level of 105.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
