Crude Oil Movement
Crude Oil prices declined 0.94% against the USD for the 24 hour period ending 23:00GMT, closing at 96.63, after the Energy Information Administration (EIA) reported that the US crude supplies rose 4.1 million barrels for the week ended October 25. Analysts had expected the US crude supplies to climb 3.5 million barrels.
Prices of the crude oil also came under pressure after the US Dollar strengthened following Fed’s decision to maintain the size of its monthly asset purchase at $85 billion.
In the Asian session, at GMT0400, Crude Oil is trading at 96.54, 0.09% lower from yesterday’s close.
Crude oil is expected to find support at 96.04, and a fall through could take it to the next support level of 95.54. Crude oil is expected to find its first resistance at 97.43, and a rise through could take it to the next resistance level of 98.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
