Crude Oil Movement
Crude Oil prices advanced 1.83% against the USD for the 24 hour period ending 23:00GMT, closing at 81.85, after reports came in that Saudi Arabia, world’s biggest oil exporter reduced its production output last month. Saudi Arabia supplied the international and domestic market with 9.36 million barrels a day of crude oil in September, as compared to 9.688 million barrels a day supplied in August. Additionally, encouraging data from the Euro-zone, raised the demand outlook of the commodity.
In the Asian session, at GMT0300, the pair is trading at 81.48, with the oil trading 0.45% lower from yesterday’s close.
The pair is expected to find support at 80.23, and a fall through could take it to the next support level of 78.98. The pair is expected to find its first resistance at 82.55, and a rise through could take it to the next resistance level of 83.62.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
