Crude Oil Movement
Crude Oil prices declined 1.98% against the USD for the 24 hour period ending 23:00GMT, closing at 80.71, after the American Petroleum Institute (API) reported that the US crude oil inventories rose by 10 million barrels to 370.7 million barrels, more than expected gain of 2.8 million barrels in the week ended October 10. Meanwhile, concerns of subdued demand and ample US shale and OPEC output continued to pressurise prices of oil.
In the Asian session, at GMT0300, the pair is trading at 80.78, with oil trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 79.71, and a fall through could take it to the next support level of 78.64. The pair is expected to find its first resistance at 82.14, and a rise through could take it to the next resistance level of 83.50.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
