Crude Oil Movement
Crude Oil prices advanced 0.49% against the USD for the 24 hour period ending 23:00GMT, closing at 93.80, after the Energy Information Administration (EIA) reported a less-than-expected 375,000 barrels increase in the US crude stockpiles for the week ended November 15. Analysts had projected the US crude inventories to rise by 1 million barrels. However, the gains were capped after the minutes from the Fed’s latest policy meeting hinted the possibility for an early tapering.
In the Asian session, at GMT0400, Crude Oil is trading at 93.65, 0.16% lower from yesterday’s close.
Crude oil is expected to find support at 92.94, and a fall through could take it to the next support level of 92.24. Crude oil is expected to find its first resistance at 94.14, and a rise through could take it to the next resistance level of 94.64.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
