Crude Oil Movement
Crude Oil prices advanced 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01, after the Organisation of Petroleum Exporting Countries (OPEC) stated that the region’s production fell by 210,000 barrels per day in November.
Moreover, OPEC warned that world oil demand growth could underperform in the first half of 2013 due to economic weakness.
Late yesterday, American Petroleum Institute reported that crude-oil supplies rose 4.3 million barrels, gasoline inventories climbed 2.8 million barrels and distillate stocks increased 2.2 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 85.79, 0.26% lower from yesterday’s close.
Crude oil is expected to find support at 85.26, and a fall through could take it to the next support level of 84.73. Crude oil is expected to find its first resistance at 86.27, and a rise through could take it to the next resistance level of 86.75.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
