Crude Oil Movement
Oil prices declined 0.09% against the USD for the 24 hour period ending 23:00GMT, closing at 86.74, as latest stimulus by central banks in Europe and China failed to reduce investor concerns over future oil demand, although supply worries stemming from a labour dispute in Norway kept check on losses.
Yesterday, the Energy Information Administration (EIA) reported that the US crude oil inventories fell 4.3 million barrels for the week ended June 29. Gasoline inventories rose 200,000 barrels, while distillate stockpiles dropped 1.1 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 86.65, 0.10% lower from yesterday’s close.
Crude oil is expected to find support at 85.77, and a fall through could take it to the next support level of 84.9. Crude oil is expected to find its first resistance at 88.25, and a rise through could take it to the next resistance level of 89.86.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
