Crude Oil Movement
Oil prices declined 0.37% against the USD for the 24 hour period ending 23:00GMT, closing at 87.18, as concerns over global economic growth and a stronger dollar tempered risk appetite for risky assets.
Crude oil prices fell on Tuesday, after a meeting between French and German leaders failed to ease concerns over the euro zone debt crisis.
Late Tuesday, the American Petroleum Institute reported that the crude supplies rose by 1.7 million barrels for the week ended August 12. Gasoline inventories declined by 5.4 million barrels, while distillate inventories declined by 1.3 million barrels.
At GMT 0300, Oil is trading at USD 87.13 per barrel in the Asian session, marginally lower from 23:00GMT.
The pair has its first resistance at 88.17, followed by the next resistance at 89.22. On the other side, the first support is at 85.84, with the subsequent support at 84.56.
The pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
