Crude Oil Movement
Oil prices advanced 0.30% against the USD for the 24 hour period ending 23:00GMT, closing at 87.44, as a government report of a sharp drop in gasoline stockpiles provided enough lift to offset a rise in crude inventories and concerns about slowing economic growth.
The Energy Information Administration stated that the commercial crude oil inventories rose by 4.2 million barrels for the week ended Aug. 12. Meanwhile, the gasoline inventories declined by 3.5 million barrels and supplies of distillates, which include diesel and heating oil, rose 2.4 million barrels.
At GMT 0300, Oil is trading at USD 87.44 per barrel in the Asian session, flat from 23:00GMT.
The pair has its first resistance at 88.71, followed by the next resistance at 89.98. On the other side, the first support is at 86.45, with the subsequent support at 85.46.
The pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
