Crude Oil Movement
Oil prices advanced 0.09% against the USD for the 24 hour period ending 23:00GMT, closing at 88.03, amid supply worries triggered by turmoil in Syria.
Late yesterday, the American Petroleum Institute (API) reported that the crude inventories rose 1.3 million barrels in the week to July 20. Gasoline stocks rose 2.3 million barrels, while distillate stocks rose by 2.6 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 88.31, 0.32% higher from yesterday’s close.
Crude oil is expected to find support at 87.46, and a fall through could take it to the next support level of 86.62. Crude oil is expected to find its first resistance at 89.12, and a rise through could take it to the next resistance level of 89.94.
Crude oil is trading between its 20 Hr and 50 Hr moving average.
