Nymex crude prices firmed again yesterday but failed to hold above the $100.00 mark despite some Middle East turmoil in Iraq which could impact on some oil transportation routes, and strong US weekly jobless claims data. The contract opened at $99.03 slipping to $98.51 in the European session before a progressive rally in NY to $100.05. Lack of momentum and thinning markets then led a drift off to $99.53 into the close. Asia markets this morning took the February contract back up again to $100.09 before settling around $99.70 into the European open. Today’s support is seen at $98.51 and $97.56 with resistance at $100.45 and $101.50.
EasyForexNews Research Team