Crude Oil Movement
Oil prices advanced 1.54% against the USD for the 24 hour period ending 23:00GMT, closing at 85.50.
The Energy Information Administration, in its weekly report, stated that crude oil inventories decreased by 100,000 barrels to 384.6 million barrels for the week ended June 1. Gasoline inventories moved up by 3.3 million barrels, while distillate inventories rose 2.3 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 85.49, marginally lower from yesterday’s close.
Crude oil is expected to find support at 84.64, and a fall through could take it to the next support level of 83.79. Crude oil is expected to find its first resistance at 86.30, and a rise through could take it to the next resistance level of 87.12.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
