Crude Oil Movement
Crude Oil prices advanced 2.89% against the USD for the 24 hour period ending 23:00GMT, closing at 88.26, on renewed supply worries after violence in the Middle East escalated.
Late Tuesday, the American Petroleum Institute reported that crude oil inventories declined 27,000 barrels in the week ended November 2. Gasoline stocks climbed 1.4 million barrels and distillate stocks rose 173,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 88.56, 0.34% higher from yesterday’s close.
Crude oil is expected to find support at 86.25, and a fall through could take it to the next support level of 83.95. Crude Oil is expected to find its first resistance at 90.04, and a rise through could take it to the next resistance level of 91.53.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
