Crude Oil Movement
On Friday, Crude Oil prices advanced marginally against the USD for the period ending 21:00GMT, closing at 102.83, as a decline in the US Dollar and subsiding concerns over supply from the Middle East region, bolstered the demand outlook of the dollar-denominated commodity. A report showed that the UN Security Council unanimously voted 15-0 on September 27, 2013, to approve a breakthrough agreement for eliminating all of Syria’s chemical weapons.
However, tension over a possible US government shut down kept the commodity’s gains in check.
In the Asian session, at GMT0300, Crude Oil is trading at 101.63, 1.17% lower from Friday’s close.
Crude oil is expected to find support at 100.80, and a fall through could take it to the next support level of 99.96. Crude oil is expected to find its first resistance at 103.12, and a rise through could take it to the next resistance level of 104.60.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
