April Nymex WTI crude prices have been consolidating around $105.50 in Asia this morning as the market seeks fresh direction. Yesterday’s trading was a mixed bag with the contract constrained between $105.00 and $106.15 in Europe but then collapsed to $103.78 on talk that the US and UK had agreed to release some strategic reserves. This was later denied by the Obama administration and WTI jumped back to close around $105.30 last night. The April Brent contract rolled off the boards yesterday which also may have had some bearing on the sharp price action. With attention now switching to the May contract, WTI is currently trading around $106.00 in Asia and support today is seen at $104.88 and $104.29. Resistance is at $106.43 and $107.01. May Ice Brent is currently trading around $123.10 with support seen at $122.09 and $121.32. Resistance is at $123.88 and $125.17.
EasyForexNews Research Team