Nymex crude prices continue to build higher with the March US WTI contract holding firmly above the $100 level for a third consecutive close. Asian markets have seen some slippage this morning as the EUR/USD and equity markets slip back on Greek concerns, dovish FOMC minutes last night, and this morning announcement that Moody’s was reviewing 17 global banks and institutions. The contract traded up to $102.54 yesterday following an unexpected 171k barrel draw in inventories reported by the EIA, but has eased back from the $101.80 close yesterday to $101.36 this morning. Concerns over Iran are still helping to cushion any sell-offs, and April Brent crude is remaining firm around the $119.00 this morning after hitting highs yesterday of around $120 on reports that Iran had cut exports to some EU members. The gains were however quickly pared when the Iranian oil ministers later issued a denial. March WTI now has support at $100.70 and $99.60 with resistance at $102.54 and $102.90. April ICE Brent has support at $118.10 and $117.27, with resistance $119.76 and $120.59.
EasyForexNews Research Team