Crude Oil Movement
Oil prices advanced 2.51% against the USD for the 24 hour period ending 23:00GMT, closing at 83.41, after reports that European leaders are working out a plan to contain the region’s sovereign-debt crisis, bolstering demand for oil.
Late Tuesday, the American Petroleum Institute reported that the crude oil inventories in the US increased 568,000 barrels in the week ended September 23. Gasoline stocks rose 4.6 million barrels, and inventories of distillates declined 223,000 barrels.
At GMT 0300, Oil is trading at USD 83.11 per barrel in the Asian session, 0.36% lower from 23:00GMT.
The pair has its first resistance at 84.74, followed by the next resistance at 86.37. On the other side, the first support is at 81.51, with the subsequent support at 79.91.
The pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
