Crude Oil Movement
Crude Oil prices declined 0.82% against the USD for the 24 hour period ending 23:00GMT, closing at 87.82, after the Energy Information Administration (EIA) showed that the US crude oil inventories rose by 5.015 million barrels to 361.7 million barrels, against an anticipated gain of 1.53 million barrels in the week ended October 3.
In the Asian session, at GMT0300, the pair is trading at 87.53, with oil trading 0.33% lower from yesterday’s close.
The pair is expected to find support at 86.73, and a fall through could take it to the next support level of 85.91. The pair is expected to find its first resistance at 88.44, and a rise through could take it to the next resistance level of 89.37.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
