Crude Oil Movement
Oil prices advanced 1.31% against the USD for the 24 hour period ending 23:00GMT, closing at 81.67, after the American Petroleum Institute (API) data showed an unexpected drop in US crude stockpiles.
Late Tuesday, the API indicated that crude-oil supplies fell 5.2 million barrels for the week ended August 5. Additionally, gasoline stockpiles declined 1.0 million barrels, while distillates inventories dropped 600,000 barrels.
At GMT 0300, Oil is trading at USD82.14 per barrel in the Asian session, 0.58% higher from 23:00GMT.
The pair has its first resistance at 84.67, followed by the next resistance at 87.20. On the other side, the first support is at 77.83, with the subsequent support at 73.52.
The pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
