AT:OIL: US WTI Nymex crude prices rallied back as the
OIL: US WTI Nymex crude prices rallied back yesterday as the premium of ICE Brent narrowed from records highs ahead of the July contract expiry today. A resurgent S&P500 and a weaker US dollar added to the bullish sentiment. Comments from OPEC's Secretary general also underpinned prices from the lows, with the API reporting a larger than expected draw of 3.03 million barrels in the weekly inventory report. July WTI opened at $97.09 with a dip to $96.51 before picking up strongly in the afternoon to $99.64, closing out the session at $99.37. Asian markets this morning have led the contract lower to $98.85 at the time of writing. Support today is seen at $98.08 and $97.65 with resistance at $101.09 and $102.80
