Crude Oil Movement
Oil prices advanced 2.27% against the USD for the 24 hour period ending 23:00GMT, closing at 88.24, after API reported a decline in crude oil inventories.
Late Tuesday, the American Petroleum Institute (API), reported that crude oil inventories fell 3.13 million barrels for the week ended 14th October. Gasoline stockpiles declined 1.64 million barrels, while distillate inventories fell 2.2 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 88.22, flat from yesterday’s close.
Crude oil is expected to find support at 86.17, and a fall through could take it to the next support level of 84.12. Crude oil is expected to find its first resistance at 89.65, and a rise through could take it to the next resistance level of 91.08.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
