February crude oil prices registered a higher high during the early morning hours, gaining an early lift from a rally in Japanese equity markets and weakness in the US dollar. Hope that US lawmakers are meeting once again in an attempt to avert the fiscal cliff also seems to inject a measure of optimism into the crude oil market. The geopolitical risk premium garnered a bid after the UAE foiled a terrorist attack, as well as indications that the Iranian Navy has planned exercises in the Straits of Hormuz starting tomorrow. Yesterday's upside breakout action in February crude oil was impressive on the charts but trading volume was well below average.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
