Crude oil at Nymex is trading higher on Wednesday after the American Petroleum Institute (API) reported a 3.1 million barrel decrease in Crude Oil stocks against a market expectation of around 1.8 million barrel increase.
Nymex crude oil December contract is currently trading at $88.93, up 40 cents. Spain's credit rating was downgraded by Moody's and this may put downward pressure on crude prices. However, the focus of the day will be the US Energy Information Administration (EIA) as it releases its inventory report. Expectations are for a 1.3 million build up.
Support seen at $86.25 and $87.65 while Resistance is expected at $89.75 and $90.10.
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