Crude Oil – Market Review

Nymex.CL (M30)

Crude Oil fell for the third day in a row after President Obama said that he is going to seek  approval from Congress before taking military action in Syria, which helped to ease concerns that an imminent strike may disrupt Middle East oil exports. Oil futures fell by as  much as 3.2 per cent, the biggest drop over the last two months. Obama said on Aug. 31 that he’ll give lawmakers the opportunity to debate and vote on the planned military response to Syria’s alleged use of chemical weapons. Congressional leaders have agreed to take up the issue once they return from their recess on Sept. 9. The U.K. last week rejected a proposed strike, capping Crude Oil’s recent advances.
  • Support & Resistance (M30)
  • Support Levels around 104.15
  • Resistance Levels around 107.30