Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.51% against the USD and closed at USD45.70 per barrel, after US crude stockpiles recorded the biggest ever rise in a week, thus renewing worries about a global supply glut.
The Energy Information Administration (EIA) reported that US crude oil inventories rose more-than-expected by 14.4 million barrels to 482.6 million barrels during the week ended 28 October.
In the Asian session, at GMT0400, the pair is trading at 45.77, with the oil trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 45.00, and a fall through could take it to the next support level of 44.24. The pair is expected to find its first resistance at 46.49, and a rise through could take it to the next resistance level of 47.22.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
