Nymex February WTI Crude closed marginally higher on Friday in mixed trading. The contract opened at $101.35 and headed higher in the morning to $102.80 before strong US NFP data led a sharp fall back to $100.88. The price then rallied back into the close at $101.56, as geopolitical concerns over Iran, and rotests in Nigeria help to keep some buoyancy in the contract. Latest CFTC data is bullish with combined open interest in Nymex and ICE futures up some 2.8%, net length of money managers increasing by almost 2.4% and producers decreasing shorts by just over 5%. Traders are now starting to see an increase in demand with supply contracting in the coming months. Asia markets saw an early rally up to $102.11 before a fall back this morning to $100.88, settling around $101.05 ahead of the European open. Today’s support is at $100.00 and $99.37 with resistance at $102.80 and $103.75
EasyForexNews Research Team