May Nymex crude prices are holding steady in Asia this morning just above $102.00 consolidating the recovery from lows yesterday of $100.81 seen following some waning risk appetite in the wake of the weak NFP data from Friday, falling equities and renewed fears of a possible 3rd bailout for Greece. The recovery came in the afternoon as equities picked up and continued tensions between western countries and Iran over the oil production/nuclear weapons kept prices underpinned. Crude closed the session at $102.46, fractionally down from opening levels, and has this morning traded a $102.21-78 range, currently sitting at $102.30. This afternoon sees the weekly API crude inventory release with analysts this week looking for a 1.8 million barrel build and larger boost to stocks seen on the back of continued imports of Saudi crude. For today support is seen at $101.71 and $100.76, with resistance at $103.40 and $104.16.
EasyForexNews Research Team