Crude Oil Movement
Crude Oil prices declined 2.03% against the USD for the 24 hour period ending 23:00GMT, closing at 101.50, after the Energy Information Administration (EIA) reported that the US crude stockpiles rose 6.8 million barrels during the week ended October 4, surpassing analysts’ expectation for a rise of 2.2 million barrels. Additionally, the price of crude oil also came under pressure as the US Dollar advanced against most of its counterparts after minutes from the latest FOMC meeting highlighted policymakers’ willingness to start tapering the size of the central bank’s stimulus package by the year end.
In the Asian session, at GMT0300, Crude Oil is trading at 101.69, 0.19% higher from yesterday’s close.
Crude oil is expected to find support at 100.66, and a fall through could take it to the next support level of 99.64. Crude oil is expected to find its first resistance at 103.23, and a rise through could take it to the next resistance level of 104.78.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
