Crude Oil Movement
Oil prices declined 0.36% against the USD for the 24 hour period ending 23:00GMT, closing at 81.38, as concerns over the European sovereign debt crisis overshadowed the report of decline in crude stockpiles.
The US Energy Information Administration indicated that crude-oil inventories, in the week ended August 5, declined by 5.2 million barrels to 349.75 million barrels. Total gasoline inventories edged down 1.6 million barrels to 213.59 million barrels and stockpiles of distillates, which include heating oil and diesel, fell 737,000 barrels.
At GMT 0300, Oil is trading at USD82.61 per barrel in the Asian session, 1.51% higher from 23:00GMT.
The pair has its first resistance at 83.99, followed by the next resistance at 85.36. On the other side, the first support is at 80.39, with the subsequent support at 78.16.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
