Crude Oil Movement
Crude Oil prices declined 1.24% against the USD for the 24 hour period ending 23:00GMT, closing at 45.31, after the Energy Information Administration (EIA) reported a strong build-up in US crude inventories.
Yesterday, the EIA disclosed that US crude-oil stockpiles rose more-than-expected by 8.0 million barrels for the week ended 16 October, marking the fourth consecutive week of increases. Investors had expected supplies to increase by 3.9 million barrels.
In the Asian session, at GMT0300, the pair is trading at 45.47, with the oil trading 0.35% higher from yesterday’s close.
The pair is expected to find support at 44.86, and a fall through could take it to the next support level of 44.25. The pair is expected to find its first resistance at 46.08, and a rise through could take it to the next resistance level of 46.69.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
