Crude Oil Movement
Crude Oil prices advanced 6.13% against the USD for the 24 hour period ending 23:00GMT, closing at 46.04, reversing its previous session losses. Yesterday, the Energy Information Administration (EIA) disclosed that US crude-oil stockpiles rose by 3.4 million barrels, in line with expectations, for the week ended 23 October.
In the Asian session, at GMT0400, the pair is trading at 45.73, with the oil trading 0.67% lower from yesterday’s close.
The pair is expected to find support at 43.79, and a fall through could take it to the next support level of 41.84. The pair is expected to find its first resistance at 46.95, and a rise through could take it to the next resistance level of 48.16.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
