February Nymex WTI Crude Oil prices closed the year around $98.83. Electronic markets saw a steady move higher yesterday to $100.02 and Asian markets this morning have seen a further gain on the back of firming bourses and strong Asian PMI data from China India and Australia. Latest CFTC data suggests money managers have increased net length in WTI futures by around 9.4 % from a previous week’s fall of a round 13%. Some tensions over the Straits of Hormuz and Iran’s threats to try and close the waterway are also adding to the bulls cause, although the likelihood of such a stoppage is realistically slim. The contract has traded up to highs of $100.55 this morning. Resistance from here is seen up at $100.88 and $102.94 with support at $98.60 and $97.53.
EasyForexNews Research Team