Nymex crude prices were mixed yesterday with the March WTI contract posting a small loss on the day despite a firmer EUR/USD and a rise in gold prices. The API reported a 4.8mmbl draw in crude inventories last night which was in sharp contrast to analysts expectations of a 3mmbl build. The draw was largely attributed to a 5.2 mmbl draw from the Gulf coast. Traders will be waiting for the more definitive data from the EIA this afternoon for confirmation. The contract opened yesterday at $101.16 rising to highs of $102.24 before falling back to the psychological $100 level. A rally was then seen into the close at $100.76. Asian markets overnight have taken the crude back up to $101.76 before settling around $101.60 ahead of the European open. Today’s support is seen at $100.00 and $99.20 with resistance up at $102.32 and $103.87
EasyForexNews Research Team