Crude Oil Movement
Crude Oil prices declined 1.42% against the USD for the 24 hour period ending 23:00GMT, closing at 108.48, as supply concern of the commodity from the Middle East eased following reports that highlighted US’s decision to examine Russia’s proposal for the Syrian regime to surrender its chemical weapon to international control, before conducting a military attack on the nation.
In the Asian session, at GMT0300, Crude Oil is trading at 108.58, marginally higher from yesterday’s close.
Crude oil is expected to find support at 107.71, and a fall through could take it to the next support level of 106.83. Crude oil is expected to find its first resistance at 109.96, and a rise through could take it to the next resistance level of 111.33.
Investors would keep an eye on the release of American Petroleum Institute’s report on US crude inventory, scheduled to release later today, for further guidance.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
