Crude oil prices were generally firmer yesterday as WTI gained on hopes that the Greek bailout saga was finally coming to conclusion and the ICE Brent contract on increasing tensions in the Middle East. WTI continues to lag behind the Brent price with the premium spread again widening to just under $19 over the US oil. Asian markets this morning have seen prices ease back a touch with the Nymex WTI contract easing from last nights close around $99.75 to $99.35, after highs in NY yesterday of $100.18. Excess supply appears to be the current deterrent to higher prices, together with OPEC’s monthly report last week, which revised down the Q4 and 2012 global demand forecasts. For today, support is now seen at $99.24 and yesterday’s lows of $98.66 with resistance up at $100.24 and a break there targeting $100.92. March WTI is currently trading around $99.45 with Ice Brent around $118.25 .
EasyForexNews Research Team