Crude Oil Movement
Oil prices advanced 1.17% against the USD for the 24 hour period ending 23:00GMT, closing at 89.93, amid decline in the crude oil inventories.
Late Tuesday, the American Petroleum Institute reported that crude oil inventories declined 5.05 million barrels last week. Gasoline stockpiles rose 2.76 million barrels, while distillates inventories rose 67,000.
Oil prices however came under pressure, after the International Energy Agency (IEA) revised its forecast for global oil demand down by 160,000 barrels per day (bpd) for 2011 and by 190,000 bpd for 2012, due to financial and economic headwinds.
At GMT 0300, Oil is trading at USD 89.31 per barrel in the Asian session, 0.69% lower from 23:00GMT.
The pair has its first resistance at 90.62, followed by the next resistance at 91.92. On the other side, the first support is at 87.91, with the subsequent support at 86.50.
The pair is trading between its 20 Hr and its 50 Hr moving averages.
