Crude Oil prices advanced 1.05% against the USD for the 24 hour period ending 23:00GMT, closing at 108.45, as lingering concern over a possible US military strike on Syria, continued to dampen the supply outlook of the commodity from the Middle East region. Positive sentiment was also fuelled after the Energy Information Administration (EIA) reported that US oil supplies fell by 1.83 million barrels to 34.8 million in the week ended 30 August 2013
In the Asian session, at GMT0300, Crude Oil is trading at 108.38, tad lower from yesterday’s close.
Crude oil is expected to find support at 107.45, and a fall through could take it to the next support level of 106.51. Crude oil is expected to find its first resistance at 109.00, and a rise through could take it to the next resistance level of 109.61.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.