Crude Oil Movement
Crude Oil prices declined 3.62% against the USD for the 24 hour period ending 23:00GMT, closing at 88.34, amid demand concern following weak economic data from Euro-zone and China.
Meanwhile, the Energy Information Administration (EIA) reported a decline of 500,000 barrels in the US crude stockpiles for the week ended September 28. The EIA also reported gasoline supplies rose 100,000 barrels, and inventories of distillates fell 3.7 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 88.33, marginally lower from yesterday’s close.
Crude oil is expected to find support at 86.75, and a fall through could take it to the next support level of 85.16. Crude oil is expected to find its first resistance at 90.87, and a rise through could take it to the next resistance level of 93.40.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
