Crude Oil Movement
Crude Oil prices advanced 2.59% against the USD for the 24 hour period ending 23:00GMT, closing at 108.27, buoyed by Energy Information Administration’s (EIA) announcement that the US crude stockpiles fell more-than-expected 4.4 million barrels during the week ended September 13, 2013. Demand prospect of the crude oil also received a boost after the US Dollar decline following Fed’s asset-purchase decision.
However, the gains were kept in check, as supply concerns faded after the Syrian President, Bashar al-Assad, in an interview with Fox News, stated that the nation will co-operate and provide details of its chemical weapons to the international inspectors on an urgent basis.
In the Asian session, at GMT0300, Crude Oil is trading at 108.47, 0.18% higher from yesterday’s close.
Crude oil is expected to find support at 106.43, and a fall through could take it to the next support level of 104.38. Crude oil is expected to find its first resistance at 109.64, and a rise through could take it to the next resistance level of 110.80.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
