Crude Oil Movement
Crude Oil prices declined 1.37% against the USD for the 24 hour period ending 23:00GMT, closing at 92.25, after the Energy Information Administration (EIA) reported that the US crude supplies rose 2.95 million barrels to 391.4 million, during the week ended November 22. Analysts had expected the US crude supplies to decline 1.5 million barrels.
The EIA additionally mentioned that the US crude production increased 45,000 barrels a day to 8.02 million, the most in almost 25 years.
In the Asian session, at GMT0400, Crude Oil is trading at 92.23, tad lower from yesterday’s close.
Crude oil is expected to find support at 91.50, and a fall through could take it to the next support level of 90.77. Crude oil is expected to find its first resistance at 93.23, and a rise through could take it to the next resistance level of 94.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
