Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.66% against the USD and closed at USD61.75 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories increased by 7.8 million barrels to 432.0 million barrels in the week ended 02 November.
In the Asian session, at GMT0400, the pair is trading at 61.92, with oil trading 0.28% higher against the USD from yesterday’s close.
The pair is expected to find support at 61.05, and a fall through could take it to the next support level of 60.17. The pair is expected to find its first resistance at 63.06, and a rise through could take it to the next resistance level of 64.19.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.