Crude Oil prices falls as demand does not sustains at high prices. The WI contract for March delivery fell by 0.68% to $99.21 after opening at $100.05 at international market.
On Friday the commodity reached at $100.24 on below expected result of nonfarm employment. On Friday Bureau of Labor Statistics reported increase of 113,000 jobs which was below economists expectation of 185,000.
Oil prices are not expected to sustain high prices as output is expected to increase. Oil output at Libya is expected to increase on partial resume of supplying pipelines. Supply from Iraq and Iran is also likely to increase this year. Increase in production amid slow growth in global manufacturing activity (From China to U.S.) may not support higher prices.
Crude oil may find support near to $96.10 and strong resistance near to $101.9. According to Bloomberg forecast the commodity is expected to fall at $94.3 in second quarter of the year.
We may see slow and gradual withdrawal of traders at present price level.