Nymex WTI and ICE Brent Crude Oil both rallied yesterday amid further Middle Eastern tensions in the Gulf after comments from Iranian army and naval chiefs warned of repercussions should the US carrier return into it’s territorial waters. Strong PMI data out of China, buoyed equity markets and firmer precious metals all helped the cause with the
February WTI contract tracking Brent gains. WTI opened the session at $99.70 taking out resistance through $100.88 to highs of $103.18 before closing just off the highs at $102.96. Brent similarly rallied from $108.35 to $112.44 before closing at $112.13. Asian markets have seen some mild slippage this morning with WTI easing to $102.55 and the ICE Brent to $111.77. WTI support is seen at $101.42 and $100.64 with resistance at $104.00 and $105.28. Brent support is at $111.47 and $110.50 with resistance up at $112.97 and $113.76.
EasyForexNews Research Team