Crude Oil Movement
Crude Oil prices declined 0.92% against the USD for the 24 hour period ending 23:00GMT, closing at 91.59, amid rise in the US crude oil inventories.
Late yesterday, the American Petroleum Institute (API) that the US crude oil inventories rose 462,000 barrels for the week ended September 28. Gasoline inventories fell 59,000 barrels, and supplies of distillates dropped 321,000 barrels.
Meanwhile, the Iran’s President, Mahmoud Ahmadinejad, stated that the nation would not back down on its nuclear programme despite economic problems caused by Western sanctions.
In the Asian session, at GMT0300, Crude Oil is trading at 91.52, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 91.05, and a fall through could take it to the next support level of 90.57. Crude oil is expected to find its first resistance at 92.46, and a rise through could take it to the next resistance level of 93.39.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
