Nymex WTI crude prices are holding firm this morning In Asia after picking up yesterday as a technical glitch forced the Globex to shutdown which prompted traders to switch to the Nymex. The crude price was also buoyed by further middle eastern tensions as bombings at Israeli embassies in India and Georgia led to fingers being pointed at Iran and Hezbollah. The March WTI price is holding steady around $100.60 in Asia this morning having broken to highs in NY of $101 from lows in Asia yesterday of $99.09. March Brent crude failed to match the gains with a modest rise of around 0.6% to highs of $117.99 in NY and the premium of WTI shrank back to $16.5. Today sees the weekly API data release with
analysts now looking for a build of just under 2million barrels in crude inventories for the latest reporting week. Today’s support for WTI comes in at $99.79 and $98.67 with resistance up at $101.39 and $102.03. The API data is scheduled for release at 1630EST.
EasyForexNews Research Team