Crude Oil Movement
Crude Oil prices declined 0.45% against the USD for the 24 hour period ending 23:00GMT, closing at 86.63, as fiscal-cliff and Greek-debt woes helped feed demand concerns, but prices finished off their lows following an unexpected decline in last week’s US crude supplies.
Yesterday, the US Energy Information Administration (EIA) reported that, for the week ended November 23, crude supplies fell by 300,000 barrels. Gasoline supplies rose by 3.9 million barrels, while distillate stocks fell by 800,000 barrels.
Elsewhere, the US President, Barack Obama, assured that his administration and Congress will work to steer the world’s largest economy away from a approaching fiscal cliff and prevent a recession next year.
In the Asian session, at GMT0400, Crude Oil is trading at 86.69, marginally higher from yesterday’s close.
Crude Oil is expected to find support at 85.61, and a fall through could take it to the next support level of 84.54. Crude Oil is expected to find its first resistance at 87.51, and a rise through could take it to the next resistance level of 88.34.
Crude Oil is trading between its 20 Hr and 50 Hr moving average.
