Crude Oil Movement
On Friday, Crude Oil prices declined 0.22% against the USD for the period ending 21:00GMT, closing at 93.73, as an un expected decline in the US industrial production data for October, triggered a sell-off in the commodity.
In the Asian session, at GMT0400, Crude Oil is trading at 93.60, 0.14% lower from Friday’s close, after a report showed Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (OPEC), exported more oil in September than in any month since November 2005.
Crude oil is expected to find support at 93.22, and a fall through could take it to the next support level of 92.83. Crude oil is expected to find its first resistance at 94.27, and a rise through could take it to the next resistance level of 94.93.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
