Crude Oil Movement
Crude Oil prices advanced 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 93.34, as the greenback weakened, following dovish speeches from two of the top Fed policymakers.
Meanwhile, late Tuesday, the American Petroleum Institute (API) reported that the US crude supplies rose by 512,000 barrels during the week ended November 15. Analysts had expected the US crude inventories to climb by 1 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.62, 0.30% higher from yesterday’s close.
Crude oil is expected to find support at 92.79, and a fall through could take it to the next support level of 91.97. Crude oil is expected to find its first resistance at 94.08, and a rise through could take it to the next resistance level of 94.55.
Later today, the Energy Information Administration (EIA) is scheduled to release a report on the US crude supplies for the week ended November 15.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
