Crude Oil Movement
Crude Oil prices declined 1.73% against the USD for the 24 hour period ending 23:00GMT, closing at 99.04, after the Energy Information Administration (EIA) reported that the US crude supplies surged by 4 million barrels to 374.5 million for the week ended October 11, more than analysts’ expectation for a climb of 2.25 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 98.92, 0.12% lower from yesterday’s close.
Crude oil is expected to find support at 98.20, and a fall through could take it to the next support level of 97.49. Crude oil is expected to find its first resistance at 100.28, and a rise through could take it to the next resistance level of 101.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
