Crude Oil Movement
Crude Oil prices declined 0.50% against the USD for the 24 hour period ending 23:00GMT, closing at 91.99, after the weekly oil inventory report showed a bigger-than-expected rise in oil stocks.
Yesterday, the US Energy Information Administration reported that crude supplies for the week ended October 12, rose by 2.9 million barrels, whereas market had expected to report a rise of 1.3 million barrels. Gasoline supplies added 1.7 million barrels, whereas distillate stocks fell 2.2 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 92.10, 0.12% higher from yesterday’s close.
Crude oil is expected to find support at 91.48, and a fall through could take it to the next support level of 90.87. Crude oil is expected to find its first resistance at 92.78, and a rise through could take it to the next resistance level of 93.47.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
