Crude Oil Movement
Crude Oil prices declined 0.58% against the USD for the 24 hour period ending 23:00GMT, closing at 90.91 following dismal Eurozone macroeconomic data. Losses were capped after the Energy Information Administration (EIA) reported that the US crude oil inventories decreased by 1.4 million barrels to 356.6 million barrels in the week ended September 26, against an expected increase of 0.7 million barrels.
Meanwhile, disappointing ISM manufacturing data from the US raised demand concerns for the commodity from the world’s biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 90.83, with the oil trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 89.88, and a fall through could take it to the next support level of 88.93. The pair is expected to find its first resistance at 92.37, and a rise through could take it to the next resistance level of 93.91.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
