March crude oil prices closed Friday's session with a fractional gain and inside of yesterday's trading range. The market came under pressure during the initial morning hours and established the low of the day in the wake of disappointing US economic data. A preliminary look at January consumer sentiment showed a result that was quite a bit below expectations, which seemed to contribute the soft market tone. Meanwhile, some traders were keeping tabs on the hostage situation in Algeria, suggesting that the boost in geopolitical risk lent support. Late day headlines suggesting that Republican leaders might consider a bill to temporarily extend the US debt ceiling were also seen as a supportive force.

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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

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