Nymex May WTI crude prices are holding steady around $105.50 in Asia this morning having falling back yesterday to lows of $104.50 in a risk -off market led by weaker PMI data from China and then Europe. The commodity sector pared back recent gains as did equities which prompted the sharp falls from early Asian highs of $107.12 yesterday morning. President Obama fast tracked the southern extension of the Keystone pipeline to the Gulf Coast considering construction of the pipeline a “priority” and stated that gas prices were high due to tensions in Iran and not due to domestic oil production. The contract has traded a tight $105.41-74 range in Asia this morning in a market that is showing little appetite ahead of the weekend. Ice Brent has been equally tame in a $123.20-54 range. Support for WTI is seen at $104.50 and $103.89 with resistance at $106.12 and $106.81. Brent support is at $122.30 and $121.73 with resistance at $123.92 and $124.55.
EasyForexNews Research Team