Crude Oil Movement
Crude Oil prices declined 0.89% against the USD for the 24 hour period ending 23:00GMT, closing at 98.16. Late Tuesday, the American Petroleum Institute (API) reported that the US crude inventories rose 3 million barrels during the week ended October 18. However, the losses in crude oil prices were capped after the US Dollar lost ground against major counterparts following the releases of a weak US non-farm payrolls data.
In the Asian session, at GMT0300, Crude Oil is trading at 98.06, 0.10% lower from yesterday’s close.
Crude oil is expected to find support at 97.12, and a fall through could take it to the next support level of 96.17. Crude oil is expected to find its first resistance at 99.39, and a rise through could take it to the next resistance level of 100.71.
Traders are expected to keep a close watch on Energy Information Administration’s (EIA) report on the US crude supplies, scheduled to release later today.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
