Crude Oil Movement
Crude Oil prices advanced 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 107.68. However, the gains were kept in check after the Energy Information Administration reported that the US crude oil supplies fell less than expected by 200,000 barrels during the last week ended September 6, 2013.
In the Asian session, at GMT0300, Crude Oil is trading at 107.61, 0.07% lower from yesterday’s close, as supply concerns of the commodity eased after the Saudi Arabia’s Petroleum Minister, Ali Al-Naimi, stated that his nation is ready to meet additional global demand of crude oil as geopolitical concerns continues to dominate the market.
Crude oil is expected to find support at 106.90, and a fall through could take it to the next support level of 106.20. Crude oil is expected to find its first resistance at 108.20, and a rise through could take it to the next resistance level of 108.80.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
