March crude oil prices traded higher during the overnight and early morning hours, supported by hopes that Greek debt swap talks are nearing a resolution and the European budget agreement. Global equity markets were higher and the US dollar index fell to its lowest level since December 8th. While some traders feel that the crude oil market is oversupplied, supply concerns surrounding the volatile situation in Iran, as well as Sudan halting oil production over a transportation fee are factors offering support. Meanwhile, Brent crude oil prices spiked above a key technical level during the overnight trade but brokers indicated that it was most likely a computer trading system glitch.
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