WTI is up almost $2 from the Asia open around $98.90 with a recent high around $100.65
There’s some resistance ahead around $100.90.
The $100 level has recently been touted as a desired level, but we saw dip back yesterday on comments from OPEC’s Sec Gen El- Badri who stated that there was no shortage of oil stocks to satisfy demand.
March Brent Crude looks to be the likely culprit here with a jump of over $2.3 on the morning so far from around $110.90 to $113.20
Traders will also be looking at tonight’s weekly US API data and tomorrow’s EIA release, where analysts are looking for a rise in crude inventories of around 3 million barrels for the latest reporting week.
