Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 4.79% against the USD and closed at USD66.24 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories climbed by 9.9 million barrels to 425.0 million barrels in the week ended 19 October.
In the Asian session, at GMT0300, the pair is trading at 66.57, with oil trading 0.50% higher against the USD from yesterday’s close.
The pair is expected to find support at 65.09, and a fall through could take it to the next support level of 63.62. The pair is expected to find its first resistance at 68.69, and a rise through could take it to the next resistance level of 70.80.
Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.