Crude Oil Movement
Crude Oil prices declined 0.94% against the USD for the 24 hour period ending 23:00GMT, closing at 97.55, hurt by a stronger dollar. Negative sentiment was also fuelled after American Petroleum Institute (API), reported a 5.9 million barrels rise in the US crude inventories for the week ended October 25. Analysts had forecasted the US crude supplies to climb 3.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 97.65, 0.10% higher from yesterday’s close.
Crude oil is expected to find support at 97.20, and a fall through could take it to the next support level of 96.75. Crude oil is expected to find its first resistance at 98.30, and a rise through could take it to the next resistance level of 98.95.
Later today, the Energy Information Administration (EIA) is scheduled to release a report on the US crude supplies for the week ended October 25.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
