Nymex crude prices crept higher yesterday and have consolidated gains overnight in Asia as risk appetite returns on hopes that the Greek bailout will be agreed by the EU on Monday. Strong jobless claims data from the US allied to a powerful surge in equities kept prices buoyed and the WTI contract above the $100 level into the close for the 4th consecutive day. March WTI jumped back from lows of $101.18 yesterday to close at $102.64 having touched $103.00 earlier in the session. Asia this morning has seen consolidation in a $102.22-59 ahead of the European open. April ICE Brent crude has pushed up from the open of $120.09 through yesterday’s $120.38 highs to $120.60. WTI support comes in today at $102.10 and $101.54 with resistance at $103.19 and $103.74. Ice Brent support is at $119.60 and $119.27 with resistance seen up at $120.95 and $121.80. The Brent contract continues to gather support from tensions over Iran which in turn is also lending some support to the US WTI contract.
EasyForexNews Research Team