Crude Oil Movement
Crude Oil prices advanced 1.56% against the USD for the 24 hour period ending 23:00GMT, closing at 108.47, as concerns over the supply prospects of the commodity from the Middle East brewed after US House Speaker, John Boehner, expressed his approval to the US President, Barack Obama’s request to authorize a military strike in Syria.
In the Asian session, at GMT0300, Crude Oil is trading at 108.27, 0.18% lower from yesterday’s close. Investors are expected to keep a close watch on American Petroleum Institute’s data on weekly crude oil inventory, scheduled to release later today.
Crude oil is expected to find support at 106.94, and a fall through could take it to the next support level of 105.60. Crude oil is expected to find its first resistance at 109.22, and a rise through could take it to the next resistance level of 110.16.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
