Crude Oil Movement
Crude Oil prices declined 0.75% against the USD for the 24 hour period ending 23:00GMT, closing at 88.39, as a lack of progress in negotiations for a deal to avoid the US fiscal cliff prior to the deadline weighed on commodities.
Late yesterday, the American Petroleum Institute (API) reported that for the week ended November 30, crude-oil supplies fell 2.2 million barrels. Distillate inventories increased by 1.1 million barrels and gasoline inventories rose 5.7 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 88.87, 0.54% higher from yesterday’s close.
Crude oil is expected to find support at 87.91, and a fall through could take it to the next support level of 86.94. Crude oil is expected to find its first resistance at 89.51, and a rise through could take it to the next resistance level of 90.14.
Crude Oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
