Nymex crude prices closed fractionally lower yesterday in mixed trading with the contract continuing to gyrate around the $100 level but continues to close just below it. The IEA stated that there was no need to release any strategic reserves to counter any shortages from an Iranian oil embargo at the present time. Conoco Phillips also quashed rumours of reduced runs at their Illinois refinery. The contract for March opened the day at $99.96 and headed up in NY to highs of $101.39 before falling back to lows of $99.23 as risk sentiment waned across the markets over the impending IIF/Greece debt decision. Prices then staged a small recovery to close at $99.70. Asian markets this morning have seen some steady trade through a tight $99.63-100.00 range with the contract sitting around $99.80 ahead of the European open. Today’s support is seen at $99.23 and $98.59 with resistance at $100.81 and $101.91.
EasyForexNews Research Team