Crude Oil Movement
Crude Oil prices advanced 1.31% against the USD for the 24 hour period ending 23:00GMT, closing at 92.46, as tensions between Syria and Turkey escalated.
Growing tensions between Iran and Israel also buoyed prices as investor feared that increase of hostilities between Israel and Iran could set off a conflict across the region and send oil prices skyrocketing. Furthermore, oil prices also drew support from worries about shrinking output from North Sea fields.
Yesterday, the Energy Information Administration reported that crude-oil supplies rose by 1.7 million barrels in the week ended October 5. Gasoline supplies declined by 500,000 barrels, while distillate inventories dropped by 3.2 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 92.25, 0.23% lower from yesterday’s close.
Crude oil is expected to find support at 91.36, and a fall through could take it to the next support level of 90.47. Crude oil is expected to find its first resistance at 93.04, and a rise through could take it to the next resistance level of 93.83.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
