Crude Oil Movement
Crude Oil prices ended flat against the USD for the 24 hour period ending 23:00GMT, closing at 103.37, as a lackluster US consumer confidence data offset waning supply concerns of the commodity from the Middle East region.
Yesterday, the US President, Barack Obama, assured the United Nations that the US is committed to finding diplomatic solutions to the civil war in Syria and welcomed overtures from Iran as a chance to diplomatically resolve dispute over the nation’s nuclear program.
Late Tuesday, the American Petroleum Institute reported that crude supplies edged down less than expected by 54,000 barrels for the week ended September 20, 2013. Analysts expected a decline of 1.5 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 103.30, 0.07% lower from yesterday’s close.
Crude oil is expected to find support at 102.52, and a fall through could take it to the next support level of 101.74. Crude oil is expected to find its first resistance at 103.86, and a rise through could take it to the next resistance level of 104.42.
Inventors await the Energy Information Administration’s report on the US stockpiles, scheduled to release later during the day, for further direction.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
