Crude Oil Movement
Crude Oil prices advanced 1.00% against the USD for the 24 hour period ending 23:00GMT, closing at 81.49, as the US reported upbeat consumer confidence data in October thus raising the demand outlook of the commodity from the world’s largest consumer of oil.
Meanwhile, the American Petroleum Institute (API) reported that the US crude stockpiles increased by 3.2 million barrels to 375.1 million barrels in the week ended October 24, against an anticipated gain of 3.4 million barrels.
In the Asian session, at GMT0400, the pair is trading at 81.74, with the oil trading 0.31% higher from yesterday’s close.
The pair is expected to find support at 80.79, and a fall through could take it to the next support level of 79.84. The pair is expected to find its first resistance at 82.26, and a rise through could take it to the next resistance level of 82.78.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
