WTI crude futures pared earlier losses to close the session in positive territory following the release of much better than expected US Non-farm payroll jobs data which prompted USD strength across the board. Following yesterday’s news that the North Sea Brent pipeline system resumed trade after a five-day operational halt, WTI-Brent crude spread continued narrowing but failed its attempt to break the USD 18.00 level. There was also talk of South Korea scrapping a exemption on crude imports (South Kore has imports a large amount of Brent crude).Heading into the NYMEX pit close, WTI futures ticked higher to test the USD 92.02 resistance level which failed leading to a pullback in prices.
08 Mar 2013 - 19:35 - - Source: RANsquawk
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