Crude Oil: API registered a drop in crude oil inventories

Crude Oil: API registered a drop in crude oil inventories

Crude Oil prices advanced 0.54% against the USD for the 24 hour period ending 23:00GMT, closing at 91.38.

Yesterday, American Petroleum Institute (API) reported that for the week ended December 21, crude-oil supplies fell by 1.2 million barrels. Gasoline inventories increased by 2.4 million barrels and distillate stocks rose by 2.9 million barrels.

In the Asian session, at GMT0400, Crude Oil is trading at 91.28, 0.11% lower from yesterday’s close.

Crude Oil is expected to find support at 90.39, and a fall through could take it to the next support level of 89.50. Crude oil is expected to find its first resistance at 91.83, and a rise through could take it to the next resistance level of 92.38.