Spot crude oil prices dipped yesterday following a rising dollar. Traders remain focused on economic data and geopolitical events in the Middle East.
The price of spot crude oil ended the day at $90.75 after an opening day price of $91.34. The commodity traded as low as $90 but held at the support level.
Influencing traders to sell the commodity was stronger than expected US employment data as well as better US factory order numbers. This helped to push the dollar up, making crude oil prices more expensive for those that hold currencies other than the dollar.
Crude prices have undergone a period of higher than usual volatility following the outbreak of mass protests in Egypt which sparked close to an $8 rally. However, spot crude oil prices failed to move above its previous high of $93.00
Today crude prices will be influenced by the release of US Non-Farm Payrolls. Better than expected employment data may provide traders with a reason to reverse yesterday's declines in the price. Support for spot crude oil is found at $90.00 and $87.00. Resistance is located at the $93 level.