Crude Oil Movement
Oil prices declined 4.08% against the USD for the 24 hour period ending 23:00GMT, closing at 80.01, after report showed an increase in crude stock piles, raising speculation that fuel demand would falter.
The Energy Information Administration reported that oil supplies increased by 1.9 million barrels, for the week ended September 23. The gasoline supplies rose 800,000 barrels, while distillates increased 100,000 barrels on the week.
At GMT 0300, Oil is trading at USD 80.78 per barrel in the Asian session, 0.96% higher from 23:00GMT.
The pair has its first resistance at 83.72, followed by the next resistance at 86.66. On the other side, the first support is at 78.74, with the subsequent support at 76.70.
The pair is trading below its 20 Hr and 50 Hr moving averages.
