Nymex Crude Oil prices had a mixed day yesterday amid another inconclusive outcome from a Merkel/Sarkozy meeting. Some negative news on the eurozone and the resignation of SNB chief Hildebrand along with further pessimism over Greece’s ability to remain in the Euro, kept Oil prices slightly depressed despite a relatively stable EUR/USD. The February contract opened yesterday at $101.92 and fell in Asia to around $101.00 before picking up to highs of $102.15. NY then sold down to $100.10 before a bounce into the EUR/USD and stocks led a recovery back to $101.31 into the close. Asian markets this morning have seen a steady build higher again to $101.95 ahead of the European open. Focus later today will be on the weekly API data where analysts are expecting a 1 million draw in crude oil inventories for the latest reporting week. Support today is at $100.10 and $99.67 with resistance at $101.92 and $102.95.
EasyForexNews Research Team