Crude Oil Movement
Oil prices declined 1.74% against the USD for the 24 hour period ending 23:00GMT, closing at 90.79, after report showed a greater than expected rise in crude oil inventories.
The Energy Information Administration reported that the crude supplies rose 4.7 million barrels for the week ended 21st October. Gasoline inventories decreased 1.4 million barrels, while distillate inventories decreased 4.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 91.85, 1.17% higher from yesterday’s close.
Crude oil is expected to find support at 89.93, and a fall through could take it to the next support level of 88.00. Crude oil is expected to find its first resistance at 93.85, and a rise through could take it to the next resistance level of 95.84.
Crude Oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
