Oil prices advanced 0.19% against the USD for the 24 hour period ending 23:00GMT, closing at 88.70, after a government report showed a sharp drop in gasoline stockpiles last week thereby outweighing the impact of surging oil inventories.
The US Energy Information Administration reported that crude-oil inventories edged up 5.3 million barrels to 357.1 million for the week ended August 26. Total gasoline inventories declined by 2.8 million barrels to 208.64 million barrels and stockpiles of distillates, including heating oil and diesel, advanced by 363,000 barrels to 156.06 million barrels.
At GMT 0300, Oil is trading at USD89.19 per barrel in the Asian session, 0.55% higher from 23:00GMT.
The pair has its first resistance at 89.94, followed by the next resistance at 90.68. On the other side, the first support is at 88.05, with the subsequent support at 86.90.
The pair is trading above its 20 Hr and its 50 Hr moving averages.
