Crude Oil Movement
Oil prices advanced 1.79% against the USD for the 24 hour period ending 23:00GMT, closing at 85.64, after a report showed a decline in the crude stockpiles. Crude-oil also rallied, extending their gains to a second session on a triple-digit rise for US equities, spurred by optimism that the Federal Reserve would soon signal more help for the sluggish economy.
Late Tuesday, the American Petroleum Institute reported a drop in crude-oil inventories of 3.3 million barrels in the week ended Aug. 19. It also reported an increase in gasoline stockpiles of 6.4 million barrels, and a rise in inventories of distillates of 2 million barrels.
At GMT 0300, Oil is trading at USD 85.35 per barrel in the Asian session, 0.34% lower from 23:00GMT.
The pair has its first resistance at 86.69, followed by the next resistance at 88.03. On the other side, the first support is at 83.70, with the subsequent support at 82.05.
The pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
