Nymex crude prices had a mixed day yesterday with the February contract coming under pressure in NY as the EUR/USD was sold to fresh 2011 lows and Gold headed down towards the $1500 level. The EIA reported 3.9 million barrel build in Crude inventories for the latest week in contrast to analysts expectations of a 2.5 mmbl draw, but a late rally in equities lead a bounce into the close with the contract making some small gains on the day. WTI opened the day at $99.59 trading up to $99.92 before heading lower to $98.30. The late rally then emerged with the contract closing out the session at $99.65. Today’s support is at $98.30 and $97.58 with resistance at $101.25 and $101.72
EasyForexNews Research Team