Crude Oil Movement
Crude Oil prices advanced 1.27% against the USD for the 24 hour period ending 23:00GMT, closing at 94.86, following weakness in the US dollar. Positive sentiment was also fuelled after the Energy Information Administration (EIA) reported that motor fuel consumption climbed 2.6% and gasoline supplies decreased 3.76 million last week. Separately, the EIA report revealed a 1.6 million barrels rise in the US crude stockpiles for the week ended November 1. Analysts had expected the US crude supplies to climb 2.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 94.91, marginally higher from yesterday’s close.
Crude oil is expected to find support at 93.93, and a fall through could take it to the next support level of 92.94. Crude oil is expected to find its first resistance at 95.65, and a rise through could take it to the next resistance level of 96.38.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
