Crude Oil Movement
Oil prices advanced 2.21% against the USD for the 24 hour period ending 23:00GMT, closing at 79.68, as a positive private sector payroll data in the US revived hopes for US economic recovery, while a weekly oil inventory report showed a surprise decline in the oil stockpiles.
The Energy Information Administration reported that crude oil inventories declined 4.7 million barrels for the week ended September 30. Gasoline inventories fell 1.1 million barrels, while supplies of distillates, including heating oil and diesel, declined 700,000 barrels.
In the Asian session, at GMT0300, Crude oil is trading at 79.54, 0.18% lower from the New York close.
Crude oil is expected to find support at 77.68, and a fall through could take it to the next support level of 75.83. Crude oil is expected to find its first resistance at 80.65, and a rise through could take it to the next resistance level of 81.77.
The pair is trading above its 20 Hr and 50 Hr moving averages.
