Crude Oil Movement
Oil prices declined 2.41% against the USD for the 24 hour period ending 23:00GMT, closing at 86.11.
The Energy Information Administration reported that crude oil inventories dropped 4.70 million barrels in the week ended October 14. Gasoline inventories declined 3.30 million barrels, while supply of distillates declined 4.30 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 85.84, 0.31% lower from yesterday’s close.
Crude oil is expected to find support at 84.52, and a fall through could take it to the next support level of 83.19. Crude oil is expected to find its first resistance at 88.34, and a rise through could take it to the next resistance level of 90.83.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
