Nymex crude prices eased back yesterday with lack of any further developments over Iran, but found some support from talk of some refinery closures. The weekly API data last night reported a massive 7.3 million barrel build in crude inventories over the latest week which was well above analysts expectations but traders remain cautious ahead
of the more definitive EIA data released at 1530GMT today. Other factors for today include the latest Conoco Phillips earnings release. The March WTI contract opened yesterday at$99.88 and after early highs in Europe of $100.18 fell back to $98.25 in NY before recovering into the close at $98.95. Asian markets have seen a little lift this morning with the contract back up to $99.35 before easing back again to $98.95. Support today is at $98.25 and $97.41 with resistance up at $100.49 and $102.49
EasyForexNews Research Team