Crude Oil Movement
Crude Oil prices advanced 1.19% against the USD for the 24 hour period ending 23:00GMT, closing at 46.87. However, gains were capped after the Energy Information Administration (EIA) reported a strong build-up in US crude inventories.
The EIA reported that US crude-oil stockpiles rose more-than-expected by 7.6 million barrels to 468.56 million barrels for the week ended 09 October, marking a third consecutive week of increases. Investors had expected supplies to increase by 2.9 million barrels.
In the Asian session, at GMT0300, the pair is trading at 46.86, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 45.71, and a fall through could take it to the next support level of 44.57. The pair is expected to find its first resistance at 47.52, and a rise through could take it to the next resistance level of 48.19.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
