Crude Oil Movement
Crude Oil prices declined 1.06% against the USD for the 24 hour period ending 23:00GMT, closing at 85.77, as rising US crude inventories and weak Euro-zone economic data sparked fresh demand concerns.
Yesterday, the US Energy Information Administration reported that crude supplies rose by 5.9 million barrels for the week ended October 19. Gasoline supplies increased 1.4 million barrels and distillate stocks fell 600,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 85.84, 0.08% higher from yesterday’s close.
Crude oil is expected to find support at 84.70, and a fall through could take it to the next support level of 83.55. Crude oil is expected to find its first resistance at 87.23, and a rise through could take it to the next resistance level of 88.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
