Crude Oil Movement
Crude Oil prices rose 0.73% against the USD for the 24 hour period ending 23:00GMT, closing at 88.00, amid optimism that US is making progress towards averting the fiscal cliff.
Late yesterday, the American Petroleum Institute reported that crude-oil supplies dropped by 4.1 million barrels in the week ended December 14. Gasoline inventories increased by 4.2 million barrels, whereas distillate stocks retreated by 1.9 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 87.85, 0.17% lower from yesterday’s close.
Crude Oil is expected to find support at 87.32, and a fall through could take it to the next support level of 86.79. Crude oil is expected to find its first resistance at 88.27, and a rise through could take it to the next resistance level of 88.69.
Crude Oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
