Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.1% against the USD and closed at USD69.94 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles climbed 6.5 million barrels to 416.15 million barrels in the week ended 12 October. Also, a stronger greenback weighed on the demand appeal for the commodity.
In the Asian session, at GMT0300, the pair is trading at 69.64, with oil trading 0.43% lower against the USD from yesterday’s close.
The pair is expected to find support at 68.63, and a fall through could take it to the next support level of 67.62. The pair is expected to find its first resistance at 71.45, and a rise through could take it to the next resistance level of 73.26.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.