Crude Oil Movement
Oil prices advanced 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 88.75.
Yesterday, the Energy Information Administration (EIA) reported that the US crude oil inventories decreased by 6.50 million barrels to 373.60 million barrels in the week ended July 27. Gasoline inventories fell 2.2 million barrels, while stockpiles of distillates retreated 1.0 million barrels.
In the Asian session, at GMT0300, Crude oil is trading at 88.81, 0.07% higher from yesterday’s close.
Crude oil is expected to find support at 87.87, and a fall through could take it to the next support level of 86.93. Crude oil is expected to find its first resistance at 89.61, and a rise through could take it to the next resistance level of 90.41.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
