Crude Oil Movement
Crude Oil prices declined 1.79% against the USD for the 24 hour period ending 23:00GMT, closing at 87.34, as reports that Israel and Palestinians were near a truce eased investor worries over supply from the region.
Late yesterday, the American Petroleum Institute (API) reported that, for the week ended November 16, crude oil supplies fell 1.9 million barrels. Distillate stocks declined by 4.4 million barrels and gasoline inventories fell 4.8 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 86.72, 0.71% lower from yesterday’s close.
Crude Oil is expected to find support at 85.54, and a fall through could take it to the next support level of 84.36. Crude Oil is expected to find its first resistance at 88.54, and a rise through could take it to the next resistance level of 90.36.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
