Crude oil couldn’t maintain its high levels around $100 where it retreated for five straight days amid growth fears in Europe as Greece still did not announce the deal with private bondholders as it previous stated for this week, where low demand on crude is seen amid rising oil stockpiles, and the main factor behind pushing crude to these level is eased Iran tension after the IAEA said it progressed well in talks with the country.

All these factors together have formed downside pressure on crude oil and pulled it downside to around $96 levels, especially after the IAEA said that nuclear talks progressed well and will be returning for more talks soon, which somehow further stripped crude from strenght in the past days along with rising inventories in the world’s biggest oil consumer.

Crude oil opened today’s session at $96.50 and recorded a high of $96.79 and a low of $96.17, where it is currently trading around $96.71.

Nevertheless, tension in Iran would never disappear in the current period but it may ease a bit, but in general it is still holding crude with the upside general bias with fears that a military action would be taken from Israel on Iran which would be a disaster indeed especially for crude market.

The U.S. media reported that the U.S. Defense Secretary believes there is a big chance that Israel will attack as early as April to stop Tehran from building a nuclear bomb.

Heavily volatility will dominate markets today ahead of heavy fundamentals that would be released from Europe and the U.S. especially the United States which will release its NFP report which will show us how healthier the labor sector is in the world’s biggest economy; however, at the end of the week and still no agreement reached in the Greek debt-talks.

Today, the Nonfarm payroll from the world’s biggest economy and oil consumer is closely monitored by markets and will have a great effect as we used to see on financial markets, and since crude is a growth related commodity, it would largely be affect by this report.

The economy is expected to have added 150,000 jobs in January and steady unemployment at 8.5%, compared to last reading which showed that added jobs were at 200,000. In general, volatility will high ahead of this report.