Crude Oil Movement
Oil prices declined 1.30% against the USD for the 24 hour period ending 23:00GMT, closing at 86.49, amid demand concern following rise in the US jobless claims and crude oil inventories.
The Energy Information Administration (EIA) reported that the US crude stocks rose 2.21 million barrels in the week to May 25. Gasoline stocks fell 833,000 barrels, while distillate stocks fell 1.71 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 86.29, 0.23% lower from yesterday’s close.
Crude oil is expected to find support at 85.34, and a fall through could take it to the next support level of 84.39. Crude oil is expected to find its first resistance at 87.76, and a rise through could take it to the next resistance level of 89.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
