Crude OIL:

March WTI Crude prices dropped sharply on Friday, as tensions failed to rise in Egypt and talk of negotiations for a quiet exit for President Hosni Mubarak, with the UK's Telegraph reporting on Sunday that the Muslim Brotherhood agreed to talks with the President heralding an historic turning point in relations between the government and the banned group. Oil opened around $90.60 on Friday morning and rallied to $91.67 before turning sharply lower despite poor US NFP data and sank to $88.25 before closing in the electronic market around $88.90. The break down through $89.40 triggering stops and some fresh short positions. Asian markets this morning have seen prices rally to $89.50

before easing back down through $89.00. Today, support lies at $88.45 and $87.40 with resistance $90.06 and $90.66

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