Crude Oil Movement
Crude Oil prices declined 0.93% against the USD for the 24 hour period ending 23:00GMT, closing at 87.02, as a warning from the Organization for Economic Cooperation and Development (OECD) over the potential for a global recession raised demand concerns, offsetting some support from the Greek debt deal. Meanwhile, prices were also pressured as official data in the US indicated that orders of durable goods were flat last month.
Late Tuesday, the American Petroleum Institute reported that crude-oil supplies increased 2 million barrels in the week ended November 23. Distillate stocks rose by 268,000 barrels, while gasoline inventories rose 2.3 million barrels last week.
In the Asian session, at GMT0400, Crude Oil is trading at 87.23, 0.24% higher from yesterday’s close.
Crude Oil is expected to find support at 86.63, and a fall through could take it to the next support level of 86.02. Crude oil is expected to find its first resistance at 88.04, and a rise through could take it to the next resistance level of 88.84.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
