Crude Oil Movement
Oil prices advanced 0.99% against the USD for the 24 hour period ending 23:00GMT, closing at 88.96, amid drop in the US crude oil inventories.
Late yesterday, the American Petroleum Institute (API) reported that the US crude oil inventories declined 2 million barrels for the week ended July 13. Gasoline stockpiles fell 116,000 barrels, and inventories of distillates rose 3.4 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 88.83, 0.15% lower from yesterday’s close.
Crude oil is expected to find support at 87.67, and a fall through could take it to the next support level of 86.52. Crude oil is expected to find its first resistance at 89.72, and a rise through could take it to the next resistance level of 90.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
