Crude Oil Movement
Crude Oil prices advanced 0.87% against the USD for the 24 hour period ending 23:00GMT, closing at 106.80, as positive Chinese August manufacturing data lifted investor sentiment.
In the Asian session, at GMT0300, Crude Oil is trading at 106.68, 0.11% lower from yesterday’s close, as oil traders digested the recent cooling off of Syria tension.
Recent developments suggested that military action may not come as early as expected, with the UK’s House of Commons rejecting Prime Minister, David Cameron’s proposal last week for military action, while US President, Barrack Obama, announced that he would seek Congressional approval for the move.
Crude oil is expected to find support at 105.95, and a fall through could take it to the next support level of 105.22. Crude oil is expected to find its first resistance at 107.36, and a rise through could take it to the next resistance level of 108.04.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
