FXstreet.com (London) - After yesterday hitting 9-week highs at $83.30, crude oil drifted somewhat in Asian trade in waning interest for riskier asset classes. Chinese monetary policy is still a concern as any curbs on demand or growth as a result of tigthening could be detrimental to the price.
However crude has proven resilient at this level as risk appetite still remains in tact. Price picked up from early session lows of $82.15 before quickly gains pace to take back 50c in a small amount of time. OPEC holding quotas was positive for the oil price in a environement which has began to show some (albeit sporadic) signs of demand pickup. WTI front month futures currently trade at 82.70 mid.
