Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:
Crude sold off slightly late in the New York session, as the American Petroleum Institute (API) crude inventory figures showed a 4.4 million barrel increase against and expected 2.2 million increase. The effect has been short lived as the street continues to buy commodities anticipating a Clinton victory.
Whether this turns out to be the case or not, the main show today will be the US Presidential election results coming in over the Asia morning.We expect oil to vacillate up and down according to the whims of the incoming results.
On what will be a choppy day, WTI is hemmed in by the 100 and 200-day moving averages at 43.15 and 46.50 respectively. Brent has resistance at 46.00 with support at 44.00.