Crude Oil Movement
Crude Oil prices advanced 1.86% against the USD for the 24 hour period ending 23:00GMT, closing at 89.64, following reports of a decline in crude oil supplies. Prices were further buoyed amid robust German business optimism data.
Yesterday, the US Energy Information Administration (EIA) reported that for the week ended December 14, crude supplies fell by 1 million barrels. Motor gasoline supplies increased by 2.2 million barrels, while distillate stocks fell 1.1 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 89.60, marginally lower from yesterday’s close.
Crude Oil is expected to find support at 88.31, and a fall through could take it to the next support level of 87.01. Crude oil is expected to find its first resistance at 90.40, and a rise through could take it to the next resistance level of 91.19.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
