Crude Oil Movement
Oil prices advanced 1.52% against the USD for the 24 hour period ending 23:00GMT, closing at 86.40, amid speculation that the Federal Reserve would announce stimulus to bolster the economy.
Late Tuesday, the American Petroleum Institute reported that crude-oil inventories rose 2.6 million barrels on the week ended September 16. Gasoline inventories added 62,000 barrels, while supplies of distillates rose 81,000 barrels.
At GMT 0300, Oil is trading at USD 86.53 per barrel in the Asian session, 0.15% higher from 23:00GMT.
The pair has its first resistance at 87.53, followed by the next resistance at 88.52. On the other side, the first support is at 85.47, with the subsequent support at 84.40.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
