Nymex crude prices are continuing to orbit around the $99.00 level with the March contract treading water ahead of a decision from Greece on the debt deal. Yesterday’s EIA weekly inventory report showed a much smaller than expected build in inventories for the latest reporting week but this failed to stop prices slipping from highs of $100.09 to $98.10. Prices later rallied into the close at $98.71, and this has been maintained in Asia overnight and this morning, with the contract currently trading around $99.00 ahead of the European open. Traders remain focused on the events surrounding Greece and today’s ECB decision for the next direction in rather choppy market conditions which are being manipulated by headlines out of Europe and Iran. Today’s support comes in at $98.10 and $97.69 with resistance up at $99.73 and $100.74
EasyForexNews Research Team