May Nymex crude prices picked up again yesterday fuelled by an equity rally in the S&P500, US jobless claims, talk of a high Chinese GDP number and IMF raising global growth prospects at next week’s meeting in Washington. A strong depletion in US gasoline stocks of 4.3 mmbls in the latest EIA report also triggered the recovery up through $103 to $104.22 from earlier lows of $102.37. The contract is currently trading around $103.30 from early highs of $103.87 this morning falling on the back of the weaker than expected Chinese GDP . The release came in at 8.1%, below analysts expectations of 8.3% and some market rumours of as high as 9%. Focus will now be on this weekend’s talks between Iran and the UK, France, US, Russia, China and Germany in Istanbul to determine any further geopolitical risks and direction of crude prices. Today’s support is seen at $102.78 and $101.42 with resistance at $104.22 and $105.15
EasyForexNews Research Team