Nymex crude prices are steady this morning in Asia trading in a tight $108.41-109.00 range ahead of the european open in a subdued session ahead of the weekend, with traders pausing ahead of EU leaders decision on the 2nd Greek bailout program. Thursday saw some strong gains from $106.55 to $108.90 but then extending on a spike to $110.55 on reports from Iranian state TV of an oil pipeline explosion in the Saudi Arabian city of Awamiyah, around the time of the pit session closure. this was later denied by Russian news sources and later by Saudi officials through Dow Jones. The April contract quickly turned around and fell back to close at $108.84. The move clearly highlighting the fragility and nervousness of crude oil markets at the moment. Support today is now seen at $107.95 and $107.47 with resistance up at $109.77 and $110.21. WTI is currently trading around $108.50 with the ICE Brent April contract around $125.65
EasyForexNews Research Team