Crude Oil Movement
Crude Oil prices declined slightly against the USD for the 24 hour period ending 23:00GMT, closing at 109.68. However, prices continue to remain supported broadly, amid ongoing concerns over events in Syria.
Yesterday, the Energy Information Administration reported that the US crude oil inventories increased 3.00 million barrels for the week ended August 23. Gasoline supplies fell 600,000 barrels, while distillate stockpiles declined 300,000 barrels last week.
In the Asian session, at GMT0300, Crude Oil is trading at 109.50, 0.16% lower from yesterday’s close.
Crude oil is expected to find support at 108.33, and a fall through could take it to the next support level of 107.15. Crude oil is expected to find its first resistance at 111.46, and a rise through could take it to the next resistance level of 113.41.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
