Nymex crude prices fell back yesterday amid EU concerns over the ongoing delay to the Greek debt swap conclusion, weakening bond markets and jitters from the bulls who remain cautious despite latest CFTC data suggesting money managers boosted net longs by 8.29% over the latest week. Comments from OPEC Sec Gen El-Badri that there was no shortage of crude anywhere in the world also put a dampener on prices as he also stated that members will continue to meet consumer demand. Today’s API release this evening is expected to show a build of around 3 million barrels in crude inventories over the latest week which could add to further downward pressure. The March contract opened yesterday at $100.00 and headed lower in Europe and NY to lows of $98.43 before a recovery with stocks later in the day to close at $98.78. Asian markets this morning have picked up, on hopes of a positive outcome to the Greek debt swap from the Greek PM and EU officials, to $99.55. Today’s support is seen at $98.25 and $97.72 with resistance up at $99.84 and $100.90.
EasyForexNews Research Team