Crude Oil Movement
Oil prices declined 0.13% against the USD for the 24 hour period ending 23:00GMT, closing at 85.48.
The US Energy Information Administration (EIA) reported that crude oil inventories declined by 2.2 million barrels for the week ended August 19. Gasoline stockpiles edged up 1.4 million barrels, and distillates inventories rose 1.7 million barrels.
At GMT 0300, Oil is trading at USD85.12 per barrel in the Asian session, 0.42% lower from 23:00GMT.
The pair has its first resistance at 86.28, followed by the next resistance at 87.43. On the other side, the first support is at 84.26, with the subsequent support at 83.39.
The pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
