Crude Oil Movement
Crude Oil prices advanced 2.10% against the USD for the 24 hour period ending 23:00GMT, closing at 78.94, after the Energy Information Administration (EIA) revealed that the US crude oil inventories advanced less than expected by 0.5 million barrels to 380.2 million barrels in the week ended October 31, against market expectations for a gain of 1.9 million barrels.
However, oil prices pared its gains, after the OPEC’s average crude oil price fell for the first time below the $80 mark in 4 years, amid a supply glut and a weak demand growth.
In the Asian session, at GMT0400, the pair is trading at 78.72, with the oil trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 77.00, and a fall through could take it to the next support level of 75.28. The pair is expected to find its first resistance at 79.89, and a rise through could take it to the next resistance level of 81.06.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
