Crude Oil Movement
Crude Oil prices advanced 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 86.00, after the US Federal Reserve took new stimulus steps to bolster the economy.
Additionally, the International Energy Agency (IEA) raised fourth quarter and 2013 consumption estimates on signs of a demand rebound in China, further boosting oil prices.
Meanwhile, in its monthly oil report, the OPEC showed that production from the group’s members declined to 30.78 million barrels a day in November, down from 30.99 million barrels in October.
Separately, the US Energy Information Administration reported that crude supplies rose 800,000 barrels for the week ended December 7. Gasoline inventories climbed 5 million barrels, while distillate stocks added 3 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 86.57, 0.65% higher from yesterday’s close.
Crude oil is expected to find support at 85.67, and a fall through could take it to the next support level of 84.78. Crude oil is expected to find its first resistance at 87.57, and a rise through could take it to the next resistance level of 88.58.
Crude oil is showing convergence with its 20 Hr and trading above its 50 Hr moving average.
