Nymex WTI crude prices are edging higher this morning in tandem with the rise in the EUR/USD following the passing of the Greek austerity measures in parliament overnight. The March contract closed in NY on Friday at $98.67 after lows of $97.32 and has risen to $99.65 in Asia this morning. The move backed up by a sharp rise in the S&P futures from Friday’s close. Latest CFTC data points to combined Nymex/ICE futures open interest rising by almost 6.2%, with money managers increasing net longs by around 3.5% and producers decreasing shorts by almost 8%. Brent March crude also firmed this morning after closing on Friday around $117.30, and has traded up to $118.37 this morning as tensions over Iran continue to attract buyers. The premium over the March WTI is currently holding around $19. Support for WTI today is seen at $98.10 and $97.57 with resistance at $99.77 and $100.87. The contract is currently trading around $99.40 ahead of the european open.
EasyForexNews Research Team