Crude Oil Movement
Crude Oil prices declined 1.03% against the USD for the 24 hour period ending 23:00GMT, closing at 85.39, following a surge in US oil inventories and amid weak US economic data.
Yesterday, the Energy Information Administration reported that, for the week ended November 9, crude supplies rose by 1.1 million barrels. Gasoline supplies declined 400,000 barrels, while distillate stocks dropped 2.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 85.42, marginally higher from yesterday’s close.
Crude Oil is expected to find support at 84.46, and a fall through could take it to the next support level of 83.49. Crude oil is expected to find its first resistance at 86.61, and a rise through could take it to the next resistance level of 87.79.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
