Crude Oil: API Reported A More-Than-Expected Rise In The US Crude - TopicsExpress

Crude Oil: API Reported A More-Than-Expected Rise In The US Crude Stockpiles Print E-mail Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Oct 09 13 01:26 ET Crude Oil prices advanced 0.43% against the USD for the 24 hour period ending 23:00GMT, closing at 103.60. However the gains were capped after the American Petroleum Institute (API), late Tuesday, reported that the US crude supplies rose 2.8 million barrel during the week ended October 4, more than analysts’ expectation for an increase of 2.2 million barrels. In the Asian session, at GMT0300, Crude Oil is trading at 103.47, 0.13% lower from yesterday’s close. Crude oil is expected to find support at 102.85, and a fall through could take it to the next support level of 102.24. Crude oil is expected to find its first resistance at 104.08, and a rise through could take it to the next resistance level of 104.70. Crude oil is trading between its 20 Hr and 50 Hr moving averages.

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