Crude Oil prices declined 1.06% against the USD for the 24 hour period ending 23:00GMT, closing at 107.32. However the losses were capped on speculation that a limited military strike from the US on Syria could disrupt the oil supply prospect from the Middle East region. Oil prices also found some support from American Petroleum Institute’s data that indicated a 4.16 million barrels fall in the US inventories during the week ended 30 August 2013.

In the Asian session, at GMT0300, Crude Oil is trading at 107.43, 0.10% higher from yesterday’s close.

Crude oil is expected to find support at 106.66, and a fall through could take it to the next support level of 105.90. Crude oil is expected to find its first resistance at 108.30, and a rise through could take it to the next resistance level of 109.18.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

Credit (GCI Financial)

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