Crude Oil Movement
Crude Oil prices declined 0.58% against the USD for the 24 hour period ending 23:00GMT, closing at 87.88, as concerns about the global economy and oil demand following subdued data from the US and Europe countered supply fears stemming from simmering Middle East tensions.
Yesterday, the Energy Information Administration reported that, for the week ended November 30, crude supplies fell by 2.4 million barrels. Gasoline supplies surged by 7.9 million barrels against the expectations for a gain of 1.8 million barrels and distillate stocks added 3 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 87.79, 0.10% lower from yesterday’s close.
Crude oil is expected to find support at 87.15, and a fall through could take it to the next support level of 86.51. Crude Oil is expected to find its first resistance at 88.74, and a rise through could take it to the next resistance level of 89.69.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
