Crude Oil Movement
Crude Oil prices advanced 0.84% against the USD for the 24 hour period ending 23:00GMT, closing at 92.48, as investors continued to hope that Spain would formally request a bailout in the coming weeks and activate a bond buying program by the European Central Bank.
Yesterday, the European Union governments imposed sanctions against major Iranian state companies in the oil and gas industry, and strengthened restrictions on the central bank, raising financial pressure over Tehran’s nuclear programme.
Late yesterday, the American Petroleum Institute reported that crude oil supplies, for the week ended October 12, climbed 3.7 million barrels. Distillate stocks rose by 1.8 million barrels, whereas gasoline inventories fell by 1.2 million barrels last week.
In the Asian session, at GMT0300, Crude Oil is trading at 92.20, 0.30% lower from yesterday’s close.
Crude oil is expected to find support at 91.42, and a fall through could take it to the next support level of 90.63. Crude oil is expected to find its first resistance at 92.87, and a rise through could take it to the next resistance level of 93.53.
Crude oil is trading above with its 20 Hr and 50 Hr moving averages.
