Crude Oil Movement
Crude Oil prices advanced 0.64% against the USD for the 24 hour period ending 23:00GMT, closing at 82.01, after the Energy Information Administration (EIA) showed that the US crude oil inventories increased by 2.1 million barrels to 379.7 million barrels, below market expectations for a gain of 3.4 million barrels in the week ended October 24.
Yesterday, the OPEC Chief, Abdalla Salem el-Badri stated that the organization would not slash its production output through next year, despite weakening global oil prices. He further added that there was no need for the market to fret about current prices of oil as the global physical markets was oversupplied by only about 1 million barrels a day, or barely 1% of global daily consumption.
In the Asian session, at GMT0400, the pair is trading at 81.92, with the oil trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 81.35, and a fall through could take it to the next support level of 80.78. The pair is expected to find its first resistance at 82.68, and a rise through could take it to the next resistance level of 83.44.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
