Crude Oil Movement
Crude Oil prices advanced 0.85% against the USD for the 24 hour period ending 23:00GMT, closing at 91.63, after the American Institute of Petroleum (API) reported that the US crude oil stocks dropped 6.5 million barrel in the previous week. Meanwhile, gains in the oil prices were further supported, as geopolitical tensions in the Middle East intensified. Crude prices remained unaffected after the US, the largest consumer of oil, revealed that the manufacturing PMI of the nation remained stable at 57.9 in September, against expectations for the index to rise to 58.0.
In the Asian session, at GMT0300, the pair is trading at 91.56, with the oil trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 90.8567, and a fall through could take it to the next support level of 90.1533. The pair is expected to find its first resistance at 92.1767, and a rise through could take it to the next resistance level of 92.7933.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
