Nymex Crude oil remained firm on Wednesday after initially posting a strong rally in the NY session to $103.74 despite falls in the S&P. The move was buoyed by a resurgence of safe-haven demand in Gold which headed higher to $1618.75 over Iranian/US sabre rattling, and a Moody’s overview of Oil and gas for 2012 with expectations of an average $90
per barrel and nat gas around $3.500. The API reported a 5.12 million barrel draw in crude inventories which was well above analysts expectations of a 500,000 barrel draw, and traders will now be looking for confirmation from the EIA report this afternoon. Asian markets this morning have been relatively quiet with the February contract trading a $102.78-103.36 range ahead of Europe. Today’s support is seen at $101.88 and $100.91 with resistance at $103.74 and $105.53
EasyForexNews Research Team