Crude Oil Movement
Oil prices declined 1.91% for the 24 hour period ending 23:00GMT, closing at USD 84.75 a barrel, after the Federal Reserve stated that there are “significant downside risks” to the US economic outlook.
The Energy Information Administration, yesterday, reported that crude oil supplies declined 7.3 million barrels for the week ended September 16. Gasoline supplies rose 3.3 million barrels on the week, while the inventories of distillates, including heating oil and diesel, declined 900,000 barrels.
At GMT 0300, Oil is trading at USD 84.28 per barrel in the Asian session, 0.55% lower from 23:00GMT.
The pair has its first resistance at 86.80, followed by the next resistance at 89.31. On the other side, the first support is at 82.96, with the subsequent support at 81.63.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
