Crude Oil Movement
Oil prices advanced 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 88.53, as the Fed’s minutes released yesterday raised hopes for more US economic stimulus.
Late Tuesday, the American Petroleum Institute reported that crude-oil inventories rose 5.13 million barrels in the week ended Aug. 26. Gasoline stockpiles declined 3.1 million barrels, while distillates inventories rose 276,000 barrels.
At GMT 0300, Oil is trading at USD 88.39 per barrel in the Asian session, 0.16% lower from 23:00GMT.
The pair has its first resistance at 89.58, followed by the next resistance at 90.77. On the other side, the first support is at 86.82, with the subsequent support at 85.25.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
