Nymex crude prices are firming this morning in Asia having hit one week lows in NY of $105.12. The weekly EIA inventory release yesterday showed a build in crude stocks of 1.75 million barrels which was roughly inline with analyst expectations and brought total crude storage to around 347 million barrels. Asian markets this morning have seen a steady rise from $105.45 to $105.88 seen on the back of an increase in demand as better US data points to a healthier US economy. Traders will be focussing on the US data this afternoon, particularly the weekly jobless claims and Empire state manufacturing index at 1230GMT. The April WTI contract currently trades around $105.65 and support today is seen at $104.84 and $104.05. Initial resistance is seen up at $106.07 and $106.81 ahead of yesterday’s highs of $107.02. May Ice Brent is trading around $124.25 with support seen at $123.68 and $123.33, resistance coming in at $125.24 and $125,85.
EasyForexNews Research Team