A Touch Lower In Asia

WTI is -$0.10, while Brent is -$0.20 at writing. A downtick in U.S. e-mini futures has applied some pressure to crude, although both benchmarks operate off of session lows, within the confines of narrow ranges.

• To recap, Thursday’s U.S. CPI print saw both benchmarks whipsaw between gains and losses for the remainder of the session, ultimately closing little changed on the day.
• Hard progress in the indirect Iran-U.S. nuclear talks hasn’t been forthcoming, after hope surrounding the matter provided some pressure earlier in the week.
• From a technical perspective, the uptrend for both oil contracts remain intact. Support is seen at WTI’s Feb 9 low ($88.41) and Brent’s Feb 8 low ($89.93), while resistance holds at recent highs of $93.17 (for WTI) and $94.00 (for Brent). WTI and Brent must close above $92.31 and $93.27, respectively, to avoid their first lower weekly close since mid-December.