Nymex crude oil prices slipped back on Friday in relatively calm trade into the weekend. Prices failed to close the week above the $100 level but remain firm in the light of refinery disruptions and a possible retaliation to the EU’s decision to embargo Iranian imports from July1. Latest CFTC data suggests money managers boosted net longs by 8.29% over the latest week, despite combined Nymex/ICE open interest falling by 2.4% largely on the back of the February contract expiry. The March contract opened on Friday at $99.93 and pushed up to $100.63, before falling back to $99.13 and closing the week at $99.56. Asian markets this morning saw an early move up to $100.00 before easing back with the EUR/USD on Greek/EU uncertainties to $98.92. Today’s support is seen at $98.46 and $97.36, with resistance up at $100.66 and $101.76.
EasyForexNews Research Team