Crude Oil Movement
Crude Oil prices jumped 3.26% against the USD for the 24 hour period ending 23:00GMT, closing at 109.69, as supply concerns continued to mount amid escalating tensions in Syria.
Late yesterday, the American Petroleum Institute (API) reported that the US crude oil supplies rose by 2.5 million barrels for the week ended August 23. Gasoline stockpiles down 1.1 million while distillate supplies were little changed.
In the Asian session, at GMT0300, Crude Oil is trading at 111.17, 1.35% higher from yesterday’s close.
Crude oil is expected to find support at 107.56, and a fall through could take it to the next support level of 103.95. Crude oil is expected to find its first resistance at 113.10, and a rise through could take it to the next resistance level of 115.03.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
