Crude Oil Movement
Crude Oil prices declined 0.86% against the USD for the 24 hour period ending 23:00GMT, closing at 93.67.
Late Tuesday, the American Petroleum Institute (API) reported that the US crude supplies rose 871,000 barrels during the week ended November 1. Analysts had forecasted a rise of 2.5 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.95, 0.30% higher from yesterday’s close.
Crude oil is expected to find support at 93.07, and a fall through could take it to the next support level of 92.19. Crude oil is expected to find its first resistance at 94.83, and a rise through could take it to the next resistance level of 95.71.
Market participants are expected to keep a close watch on the Energy Information Administration (EIA) weekly report on the US crude stockpiles, scheduled to release later today, for further guidance in the crude oil prices.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
