Crude Oil Movement
Crude Oil prices declined 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 97.10, after the Energy Information Administration (EIA) reported that the US crude stockpiles climbed more than expected 5.25 million barrels during the week ended October 18. Analysts had estimated a gain of 3 million barrels in the US crude stock inventory.
In the Asian session, at GMT0300, Crude Oil is trading at 97.45, 0.36% higher from yesterday’s close, as an upbeat HSBC manufacturing PMI data from China, world’s second largest consumer of crude oil, bolstered the demand outlook of the commodity.
Crude oil is expected to find support at 96.35, and a fall through could take it to the next support level of 95.24. Crude oil is expected to find its first resistance at 98.37, and a rise through could take it to the next resistance level of 99.28.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
