Crude Oil Movement
Crude Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 93.94 after the International Energy Agency (IEA) reported that oil production in the Organization of the Petroleum Exporting Countries (OPEC) fell by over 100,000 barrels to 29.9 million barrels a day in October. However, the gains were capped after a report from the Energy Information Administration (EIA) showed that the US crude inventories rose 2.6 million barrels for the week ended November 8. Analysts had expected the US crude inventories to climb 1.8 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 94.22, 0.30% higher from yesterday’s close.
Crude oil is expected to find support at 93.01, and a fall through could take it to the next support level of 91.80. Crude oil is expected to find its first resistance at 94.93, and a rise through could take it to the next resistance level of 95.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
