Crude Oil Movement
Crude Oil prices advanced 0.09% against the USD for the 24 hour period ending 23:00GMT, closing at 92.07, amid news that TransCanada Corp. shut its Keystone pipeline for repairs, disrupting crude supplies to the US Midwest.
Additionally, Oil prices were supported after manufacturing activity in the Philadelphia-region expanded for the first time in six months. Market participants also continued to focus on escalating tensions between Syria and Turkey and the possibility that Iran could support Syria in such a dispute.
In the Asian session, at GMT0300, Crude Oil is trading at 92.02, marginally lower from yesterday’s close.
Crude oil is expected to find support at 90.93, and a fall through could take it to the next support level of 89.83. Crude oil is expected to find its first resistance at 92.85, and a rise through could take it to the next resistance level of 93.67.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
