Crude Oil Movement
Crude Oil prices declined 0.59% against the USD for the 24 hour period ending 23:00GMT, closing at 45.88, after oscillating between gains and losses during the trading session.
Separately, the American Petroleum Institute (API) reported that US crude oil inventory increased by 7.0 million barrels in the week ended 16 October, against market expectations for an increase of 3.7 million barrels.
In the Asian session, at GMT0300, the pair is trading at 45.97, with the oil trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 45.48, and a fall through could take it to the next support level of 45.00. The pair is expected to find its first resistance at 46.69, and a rise through could take it to the next resistance level of 47.42.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
