Crude Oil Movement
Oil prices advanced 0.63% against the USD for the 24 hour period ending 23:00GMT, closing at 89.29, after the European Central Bank announced a coordinated effort with other central banks to provide liquidity to European banks, spurring hopes of a pickup in the global economy and oil consumption.
The European Central Bank, the Bank of England, the Bank of Japan, and the Swiss National Bank announced they would each conduct additional dollar tenders in an effort to provide liquidity through the end of the year. The central banks stated that the auctions are coordinated with each other and the US Federal Reserve.
At GMT 0300, Oil is trading at USD 89.63 per barrel in the Asian session, 0.38% higher from 23:00GMT.
The pair has its first resistance at 90.52, followed by the next resistance at 91.40. On the other side, the first support is at 88.38, with the subsequent support at 87.12.
The pair is trading just above its 20 Hr and 50 Hr moving averages.
