Crude Oil Movement
Crude Oil prices declined 1.24% against the USD for the 24 hour period ending 23:00GMT, closing at 94.65.
Yesterday, the Energy Information Administration (EIA) reported a decline of 7.4 million barrels in crude supplies in the week ended August 31. Gasoline stockpiles fell 2.3 million barrels, and supplies of distillates fell 1 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 94.75, 0.11% higher from yesterday’s close.
Crude oil is expected to find support at 93.63, and a fall through could take it to the next support level of 92.51. Crude oil is expected to find its first resistance at 96.79, and a rise through could take it to the next resistance level of 98.83.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
