Crude Oil Movement
Oil prices advanced 0.52% against the USD for the 24 hour period ending 23:00GMT, closing at 94.16, after a report showed decline in the crude oil inventories.
In the US, the Energy Information Administration (EIA) reported that commercial crude oil inventories decreased 1.70 million barrels to 363.80 million barrels last week. Gasoline inventories moved down by 500,000 barrels, while distillate stocks increased by 1.2 million barrels.
At GMT 0300, Oil is trading at USD 94.31 per barrel in the Asian session, 0.16% higher from 23:00GMT.
The pair has its first resistance at 95.59, followed by the next resistance at 96.88. On the other side, the first support is at 93.13, with the subsequent support at 91.96.
The pair is showing convergence with its 50 Hr moving average and is trading just below its 20 Hr moving average.
