Crude Oil Movement
Crude Oil prices declined 0.61% against the USD for the 24 hour period ending 23:00GMT, closing at 90.32, on demand concerns, as Euro-zone debt crisis escalated, while disappointing housing data in the US renewed worries that nation still faces headwinds, especially in the housing sector.
The Energy Information Administration (EIA) reported that the US crude oil inventories fell 2.4 million barrels for the week ended September 21. Gasoline inventories dropped 500,000 barrels, and distillates stockpiles fell 500,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 89.92, 0.44% lower from yesterday’s close.
Crude oil is expected to find support at 88.82, and a fall through could take it to the next support level of 87.71. Crude oil is expected to find its first resistance at 91.16, and a rise through could take it to the next resistance level of 92.39.
Crude oil is trading below its 20 Hr and 50 Hr moving average.
