Analysis details (11:53)
- Prices have been moving higher since 1600GMT after the USD fell sharply following comments from ECB member Weidmann who said " EUR isn't seriously overvalued ". This is a change in rhetoric from the German ECB member and comes ahead of the G20 meetings later this week.
- In addition we have heard some talk of short-covering in the WTI-Brent crude spread. Note pre-NYMEX open, Goldman Sachs said they saw the WTI-Brent crude spread narrowing to around USD 7.50/BBL on average in Q1 2013.
- WTI crude currently has also traded through R1 at USD 96.44 and Friday's high of USD 96.57.
11 Feb 2013 - 11:45 - - Source: RANsquawk
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