Crude Oil Movement
Crude Oil prices ended flat against the USD for the 24 hour period ending 23:00GMT, closing at 97.79.
Investors are concerned that the conflict in Syria could spread and disrupt oil supplies from key producing countries, following reports that the US would arm Syrian rebels amid allegations that government forces have used chemical weapons during the country’s internal conflict.
In the Asian session, at GMT0300, Crude Oil is trading at 97.83, marginally higher from yesterday’s close.
Investors keenly eye the oil inventory reports due later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 97.23, and a fall through could take it to the next support level of 96.62. Crude oil is expected to find its first resistance at 98.59, and a rise through could take it to the next resistance level of 99.34.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
