Crude Oil Movement
Oil prices declined 3.48% against the USD for the 24 hour period ending 23:00GMT, closing at 87.63, amid demand concern following escalating Euro-zone debt crises.
Late yesterday, American Petroleum Institute (API) in its weekly report, stated that the US crude oil inventories fell by 353,000 barrels for the week ended May 25. Gasoline stocks rose 2.1 million barrels, while distillate stocks declined 1.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 87.52, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 86.36, and a fall through could take it to the next support level of 85.19. Crude oil is expected to find its first resistance at 89.60, and a rise through could take it to the next resistance level of 91.67.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
