Crude oil markets are higher today following last weeks onslaught. A weaker dollar and a continued recovery in stock markets has helped the sentiment. The near-term focus apart from the Italian election will be on the new talks between Iran and the group of nations called P5+1. The meeting tomorrow in Kazakhstan will look into ways of solving the ongoing crisis involving Iran's nuclear program. The big and doubtful question is whether Iran is willing to accept an offer of reduced international sanctions against lowering its production of higher grade enriched uranium.
The rally in Brent crude and WTI has so far been capped ahead of resistance at 116.24 on Brent being the 50% retracement of the recent correction while WTI crude is staying below resistance at 95 USD/barrel.