Crude Oil Movement
Oil prices advanced 0.02% against the USD for the 24 hour period ending 23:00GMT, closing at 87.42. Initially, oil traded low on concerns that China’s interest-rate increase would curb the country’s demand for oil.
Late Tuesday, the American Petroleum Institute reported that the crude-oil supplies declined 558,000 barrels in the week ended February 5. Gasoline stocks rose 3.2 million barrels, while distillate inventories declined 538,000.
At GMT 0400, Oil is trading at USD 87.54 per barrel in the Asian session, 0.14% higher from 23:00GMT.
The pair has its first resistance at 88.47, followed by the next resistance at 89.40. On the other side, the first support is at 86.25, with the subsequent support at 84.96.
The pair is trading between its 20 Hr and 50 Hr moving averages.
