March crude oil prices traded higher during the initial morning hours, helped by a positive outside market tone and optimism ahead of today's US Non-Farm Payroll report. Some traders indicated that risk-appetites might have gotten a lift from favorable European economic data and prospects of easing Chinese monetary policy. Iran appears to be putting up resistance over their nuclear program, with Ayatollah Ali Khameni saying that recent sanctions were not enough to disrupt their objectives, and that they have threats of their own. There also appears to be concerns that Israel might attack Iran in the near future. Meanwhile, the focal point of the market is likely to shift this morning toward the US Non-Farm Payroll report.
