Crude Oil Movement
Oil prices declined 2.18% against the USD for the 24 hour period ending 23:00GMT, closing at 93.19, as release of poor US consumer spending data, raised concerns over the fuel demand.
Late Tuesday, the American Petroleum Institute reported that crude-oil inventories declined 3.3 million barrels on the week ended July 29. Gasoline supplies added 2.6 million, and supplies of distillates added 1.4 million in the same week.
At GMT 0300, Oil is trading at USD 93.40 per barrel in the Asian session, 0.23% higher from 23:00GMT.
The pair has its first resistance at 95.02, followed by the next resistance at 96.63. On the other side, the first support is at 92.44, with the subsequent support at 91.47.
The pair is trading below its 20 Hr and its 50 Hr moving averages.
