Crude Oil Movement
Crude Oil prices advanced 0.55% against the USD for the 24 hour period ending 23:00GMT, closing at 93.61, as fresh concerns over the supply outlook from the Middle East region were fuelled after a spokesman for state-run National Oil Corp stated that about 300 protesters stopped a tanker from loading at the Libya’s Hariga port. Meanwhile, late Wednesday, a day later than the usual, the American Petroleum Institute (API) reported that the US crude supplies increased 599,000 barrels during the week ended November 8.
In the Asian session, at GMT0400, Crude Oil is trading at 93.88, 0.29% higher from yesterday’s close.
Crude oil is expected to find support at 93.07, and a fall through could take it to the next support level of 92.25. Crude oil is expected to find its first resistance at 94.62, and a rise through could take it to the next resistance level of 95.35.
Later today, the Energy Information Administration (EIA) is scheduled to release a weekly report on the US crude inventory. Analysts expect that the government report would highlight that the US crude inventories have risen by 800,000 barrels to 386.2 million in the previous week.
Crude oil is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
