Oil gained momentum in yesterday’s trading session and is once again flirting with $90 a barrel, but it lacks a strong hold as psychological resistance at this level is still well intact.
This follows good employment results from the US, with ADP figures at 163,000 easily surpassing analysts’ expectations of 121,000, and pushes apart the correlation between oil and gold.

Oil traders have much to look forward today as an FOMC statement will follow the ADP employment rates, and the Institute for Supply Management’s manufacturing PMI results.
After trading between $88 and $90 a barrel for the past few days, it looks like oil will try to gain momentum and cross the resistance level of $90, this time for longer than the few hours witnessed in the past week.